SEC Commissioner encourages EDGAR reform to extend filing timing
On the 30th anniversary of EDGAR’s implementation, in a statement on the US Securities and Exchange Commission (SEC) rule to extend the daily filing deadline to 10pm, SEC commissioner Mark T. Uyeda encouraged further EDGAR reform including a wider expansion of filing deadlines.
The amendment to Regulation S-T which extends the deadline of submission into the evening was designed to ease the stress of sellers who must file the form on the same day as selling stock – giving a little more breathing room to file at the end of the day. Commissioner Uyeda argues that many issuers are filing to EDGAR from around the world, and in a 21st century 24-hour cycle, a more comprehensive review of EDGAR could consider extending the time when submissions can be made – even to the weekends.
An interesting consideration as EDGAR goes into its fourth decade of operation! As one of the (many) benefits of digitalisation includes the ability to access systems from any place or at any time, perhaps this expansion could be part of EDGAR’s future vision. A question for consideration, no doubt, by other regulators in other markets.
Read more here.