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July 2017, Issue 7 |
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The Filer Report includes current news, updates and announcements to assist Filers during the filing submission process. We welcome registrant input and encourage Filers to submit questions, feedback or suggestions for future newsletter issues to TheFilerReport@sec.gov.
In This Issue!
- EDGAR Technical Issues
-
The
Division of Corporation Finance Expands Popular JOBS Act Benefit to All
Companies
- Reminder
to Use URLs for EDGAR System Access
- EFSM Update on Implementation
- Registration Fee Estimator – Upcoming Release
- The Spotlight on IFRS (International Financial Reporting Standards)
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- Quick Links -
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Disclaimer: The Filer Support Teams have provided this information as a service to Filers. It is neither a legal interpretation nor a statement of SEC Policy. If you have questions concerning the meaning or application of a particular law or rule, please consult with an attorney who specializes in securities law.
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EDGAR Technical Issues
If filers encounter technical issues with EDGAR, especially
during peak filing periods, please contact the EDGAR Program Office’s Technical
Support at 202-551-8900, Option #3. The Filer Technical Support team will
respond to the technical issues elevated. Should there be any issues with a connection
to the EDGAR system, please provide detailed information on the connection
used. A determination will be made if there is sufficient cause for the
consideration of any EDGAR filing corrections.
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EFSM Update on Implementation
On
May 30, 2017, the Office of Financial Management’s Filing Fees Branch (FFB)
implemented a new accounting sub-ledger system for processing and reviewing
fee-bearing filings submitted in EDGAR. Of particular note is the system’s ability to enhance communication with
registrants by automatically generating email notices for the following:
- Dormant Account Notices – Sent to registrants who have submitted funds to the SEC for the purpose of paying required filing fees, but have not submitted a fee-related filing or made a deposit in the past three years.
- Accounts Receivable Notices – Demand for Payment
- Notices of Filing Fee Adjustments made by FFB
- Return of Unused Monies Refunded to Registrant
- Requests for Additional Information from registrants related to filing fees
We welcome any
feedback on the changes made to SEC communication noted above. Please email us
your feedback at FilingFees@sec.gov. Also,
if you have any concerns or questions regarding the above changes, or any
filing fee-related questions, please contact the Filing Fees Branch at
202-551-8900,Option #1.
Registration Fee Estimator
– Upcoming Release
In the
Fall of 2017, we expect to release another update to the Registration Fee
Estimator, a filing fee estimator designed to assist registrants in preparing
filing fee-related information for EDGAR filings. The Filing Fees Branch
initially released the Registration Fee Estimator in April 2016, and since then
the Estimator has received more than 13,000 views as well as positive feedback
from the filer community. In our next release, we expect to add more than 80
form types, additional form validations, as well as the ability to export
calculation results into CSV and Excel formats.
The
Filing Fees Branch reminds users that the tool should not be relied upon as an
official SEC calculation or verification of these filing fees. Filers will
remain responsible for paying all required fees and accurately including all
required information in their filings.
If you haven’t already, we encourage you to try
the current version of the Registration Fee Estimator.
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The Spotlight on IFRS (International Financial Reporting Standards)
In March 2017, the Commission provided notice that the International Financial Reporting Standards (IFRS) Taxonomy was available. The notice is available at https://www.sec.gov/rules/other/2017/33-10320.pdf. Foreign private issuers that prepare their financial statements in accordance with IFRS as issued by the International Accounting Standards Board (IASB) and are subject to Rule 405 of Regulation S-T can now submit their financial statements in eXtensible Business Reporting Language (XBRL) using an IFRS Taxonomy specified on the Commission’s website.
All foreign private issuers that prepare their financial statements in accordance with IFRS as issued by the IASB and are subject to Rule 405 of Regulation S-T must submit their financial statements in XBRL using an IFRS Taxonomy specified on the Commission’s website as of their first annual report on Form 20-F or 40-F for a fiscal period ending on or after December 15, 2017. There is no phase-in based on issuer filer status.
IFRS Taxonomy filers that comply with the Commission’s Order on Inline XBRL (https://www.sec.gov/rules/exorders/2016/34-78041.pdf) may use Inline XBRL when filing their financial statements. More information on Inline XBRL is available at https://www.sec.gov/structureddata/osd-inline-xbrl.html.
SEC staff is participating with XBRL-US in a series of educational webinars concerning the IFRS Taxonomy for SEC filers. Please monitor our Twitter feed @SEC_DERA for news of these webinars. Additional information on the use of the IFRS Taxonomy for submissions with the Commission is available at https://www.sec.gov/structureddata/ifrs_taxonomy.
Please visit the Office of Structured Disclosure’s website to learn more about structured data at the SEC, review FAQs and staff observations related to XBRL submissions, and sign up to receive updates and news. Filers are encouraged to send questions on the use of the IFRS Taxonomy for submissions with the Commission to StructuredData@sec.gov.
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Release 17.2
On July 17, 2017, EDGAR Release 17.2 introduced the following changes:
- Effective
September 1, 2017, large accelerated and accelerated filers filing Forms
S-1, S-3, S-4, S-8, S-11, F-1, F-3, F-4, F-10, SF-1, and SF-3 under the
Securities Act; and Forms 10, 10-K, 10-Q, 8-K, 20-F, and 10-D under the
Exchange Act will be required to submit these forms in HTML and include a
hyperlink to each exhibit listed in the exhibit index of these filings,
including exhibits that are incorporated by reference.
- Submission
form types D and D/A will be updated to remove the reference to “Rule 505”
in Item 6: Federal Exemption(s) and Exclusion(s) Claimed.
- EDGAR
will be updated to allow broker-dealers to indicate whether the filing
period is one full year or not on submission form type 17HACON.
- An
Instructions menu icon will be added to the filer interface in the
top-right corner for submission form types X-17A-5 and X-17A-5/A, which
provides instructions on how to file broker-dealer annual reports through
EDGAR.
- Filers
will be able to register via submission form type N-1A using their
existing Series and Classes (Contracts) without having to provide “dummy”
new Series and Classes (Contracts).
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EDGAR
will no longer provide support for the US-GAAP-2015, EXCH-2015, CURRENCY-
2014, and COUNTRY-2013 taxonomies. Please see https://www.sec.gov/info/edgar/edgartaxonomies.shtml
for a complete list of supported standard taxonomies.
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For
more details of the changes introduced, click
here.
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