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SEC announces EDGAR filing window extension for registered investment companies and business development companies
On April 22, the SEC Division of Investment Management announced that it is extending the EDGAR filing window on April 29, 2020, from 5:30 p.m. to 10:00 p.m. EDT for registered investment company and business development company filings. Ordinarily, a filing submitted after 5:30 p.m. EDT would be considered to be filed the next business day but the division is providing a one-day extension only. Any registered investment company or business development company requiring a subsequent filing window extension should submit a request.
SEC Chairman Releases Statement Discussing Internal Cybersecurity Assessment, Announces EDGAR Vulnerability May Have Led to Illicit Gain
On September 20, the SEC released a statement issued by Chairman Jay Clayton regarding the Commission’s approach to cybersecurity and its impact on market participants. Topics discussed in the statement, which is part of the SEC’s ongoing assessment of its cybersecurity risk profile, include:
- the collection and use of data by the SEC;
- the management of, and responses to, internal cybersecurity risks;
- the integration and incorporation of cybersecurity considerations into the SEC’s supervision of regulated entities;
- coordinated efforts with other regulations to identify and mitigate risk; and
- oversight and enforcement efforts related to cybersecurity activities.
The Chairman also discussed the SEC’s discovery in August that a 2016 security incident involving a software vulnerability within the Commission’s EDGAR system “may have provided the basis for illicit gain through trading” by providing access to nonpublic information. However, the SEC also stated its belief that “the intrusion did not result in the unauthorized access to personally identifiable information, jeopardize the operations of the Commission, or result in systemic risk.” According to the SEC, the vulnerability was patched promptly after discovery, and the SEC commenced an internal investigation, which is ongoing.
Chairman Clayton is scheduled to testify before the Senate Banking Committee on September 26 at a hearing titled, “Oversight of the U.S. Securities and Exchange Commission.”
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.”
- Jonice Gray Tucker to moderate “Pandemic relief response and lasting impacts on access, credit, banking, and equality” at the American Bar Association Business Law Section Spring Meeting
- Jeffrey P. Naimon to discuss "Post-pandemic CFPB exam preparation" at the Mortgage Bankers Association Spring Conference & Expo
- Jonice Gray Tucker to discuss "Making fair lending work for you" at the Mortgage Bankers Association Spring Conference & Expo
- Jonice Gray Tucker to discuss "Reading the tea leaves of President Biden’s initial financial appointees" at LendIt Fintech
- Moorari K. Shah to discuss “CA, NY, federal licensing and disclosure” at the Equipment Leasing & Finance Association Legal Forum
- Jonice Gray Tucker to discuss "Compliance under Biden" at the WSJ Risk & Compliance Forum
- Sherry-Maria Safchuk to discuss UDAAP at an American Bar Association webinar
- Jonice Gray Tucker to discuss “The future of fair lending” at the Mortgage Bankers Association Legal Issues and Regulatory Compliance Conference