Defining Issues | November 2021

 

Insight

SEC proposes amendments to require electronic filing

The amendments would require electronic submission of certain forms currently permitted to be filed in paper form.

The SEC has proposed new rules to mandate electronic submission of certain information for which paper format submission was previously required or permitted. These updates are intended to promote efficiency and transparency, and offer better access to such information by the public.

Applicability

  • All public companies

Relevant dates

  • November 4, 2021 – Proposal issued
  • Comments are due within 30 days after publication in the Federal Register  
  • Proposed that the final amendments would be subject to a six-month transition period

Key impacts

The proposed amendments would:
  • Require electronic filing or submission of most documents that are currently permitted to be submitted electronically or in paper form under Regulation S-T.
  • Require electronic submission in PDF format of the ‘glossy’ annual report to security holders.
  • Require electronic filing of certification made under the Exchange Act that a security has been approved by an exchange for listing and registration.
  • Allow for electronic submission in PDF format of certain foreign language documents.
  • Require that filings for confidential treatment requests under section 13(f) of the Securities Exchange Act of 1934 and applications for orders under any section of the Investment Advisers Act of 1940 be submitted through EDGAR.

The proposed rules would also mandate the use of XBRL for filing of financial statements and accompanying notes required by Form 11-K, and make certain technical amendments to other forms to remove outdated references and improve the structure of data reporting.

Related content


External resources

Subscribe to our newsletter

Receive timely updates on accounting and financial reporting topics from KPMG.

Receive timely updates on accounting and financial reporting topics from KPMG.

ARO

Use our Accounting Research Online for financial reporting resources.

Use our Accounting Research Online for financial reporting resources.