Representing financial professionals, financial institutions and investors in investment loss, employment and disclosure matters, and in regulatory investigations nationwide.

SEC adopts new rules to expand electronic filing requirements

On Behalf of | Jul 18, 2022 | FINRA Compliance

In an effort to modernize and enhance the flow of information, the Securities and Exchange Commission announced that it has adopted new rules to expand its electronic filing requirements. The SEC said in a news release that certain documents filed by investment advisors, institutional investment managers, and certain other entities that were previously submitted on paper will now required to be filed or submitted electronically.

The commission said the rules are designed to promote efficiency, transparency, and operational resiliency. The SEC said electronic filing will make data submitted to the commission more usable to the public and more accessible on websites.

“In a digital age, it is important for filers to have easy, online methods to submit information to the Commission, and where appropriate for investors to have easy, online access as well,” said SEC Chair Gary Gensler.

The amendments also make technical amendments to modernize Form 13F and enhance the information provided.

The SEC said that the logistical and operational issues raised during the pandemic have further demonstrated the usefulness of electronic filing. Expanding its use will help the commission and filers navigate any future disruptions more effectively, the SEC added.

The new electronic filing rules will be effective 60 days after they are published in the Federal Register, while the amendments to Form 13F will become effective on January 3, 2023. The Commission said it is providing a six-month transition period to give filers enough time to prepare for electronic submissions.

The attorneys at Lewitas Hyman fully understand the regulatory scrutiny financial professionals and their firms face from the various regulators that oversee the financial services industry. Additionally, we regularly monitor SEC, FINRA and other self-regulatory organization rule-making activities to help ensure that our clients are aware of any new policies, while assisting them in implementing any recommended changes. If your firm is facing an investigation from a regulatory agency, please contact Lewitas Hyman at (888) 655 6002 or through our online contact form.