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Financial Services Law Insights and Observations

Senate Banking Committee Urges SEC To Investigate Time Disparity In Electronic Filings

SEC Senate Banking Committee EDGAR

Securities

On November 3, Senators Johnson (D-SD) and Crapo (R-ID) of the Committee on Banking, Housing, and Urban Affairs sent a letter to The Honorable Mary Jo White, Chair of the SEC, regarding an academic study showing that company filings submitted electronically to the SEC are, more often than not, available to private subscribers before the general public. The letter highlights the concern that some investors receive real-time information before it is widely available, and requests that the agency provide the steps it is taking to ensure that such unequal access to trading data is eliminated. Finally, the letter requests an outline of “what [it has] previously done to address any similar issues, how [it] will review for any other discrepancies in SEC systems and how [it] will monitor to avoid such issues in the future.”

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