Electronic Submission

FACT SHEET

Proposed Updates to

Exchange Act

Electronic Submission

Requirements

The Securities and Exchange Commission proposed amendments to require the electronic filing,

submission, or posting of certain forms, filings, and other materials that are required under the

Securities Exchange Act of 1934 and the rules and regulations thereunder. The proposed

amendments would also make certain changes regarding the Financial and Operational

Combined Uniform Single (FOCUS) Report.

Why This Matters

Under current rules, registrants are required to file or otherwise submit many Exchange Act

forms, filings, or other materials in paper form to the Commission. The proposed

amendments are designed to modernize the Commission’s collection of this information and

analysis by, among other things, proposing that a number of forms, filings, and other

materials be submitted to the Commission electronically on the Commission’s Electronic

Data Gathering, Analysis, and Retrieval system (EDGAR) using structured data where

appropriate.

How This Rule Applies

Covered Self-Regulatory Organization (“SRO”) Forms

•

The proposed amendments would require that the SROs (including entities that are

or are seeking to apply to be national securities exchanges and national securities

associations) electronically file the following forms on EDGAR: Form 1; Form 1-N;

Form 15A; and Form CA-1.

•

Under the proposed amendments, the Commission would rescind Form 19b-4(e) and

instead require that the information regarding the listing and trading of new derivative

securities products be posted publically on the relevant SRO’s website. The

proposed amendments would also remove the manual signature requirements for

Form 19b-4, which already requires an electronic signature.

Registered Clearing Agency Supplementary Materials

•

Proposed amendments to Rule 17a-22 would require registered clearing agencies to

post any supplementary materials to their websites.

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FACT SHEET | Proposed Updates to Exchange Act Electronic Submission Requirements

Filings by Broker-Dealers, Security-Based Swap Dealers (SBSDs), and Major SecurityBased Swap Participants (MSBSPs)

•

Under the proposed amendments, broker-dealers, SBSDs, and MSBSPs would file

the Form X-17A-5 Part III and Form 17-H electronically on EDGAR.

Other Forms, Reports or Notices

•

Under the proposed amendments, registrants would file or submit the following on

EDGAR: (1) notices made pursuant to Rule 17a-19 under the Exchange Act and on

accompanying Form X-17A-19; (2) notices made pursuant to Rule 3a71-3(d)(1)(vi)

under the Exchange Act; (3) notices made to the Commission pursuant to Rule 15fi3(c) under the Exchange Act; and (4) reports made pursuant to Rule 15fk1(c)(2)(ii)(A) under the Exchange Act.

•

Under the proposed amendments, notices made pursuant to Rule 3a71-3(d)(1)(vi)

would be required to be withdrawn in specified circumstances. The withdrawals

would be required to be filed on EDGAR.

Structured Data Requirements

•

Under the proposed amendments, registrants would make certain submissions in a

structured, machine-readable data language. In addition, SROs would be required to

electronically post the information required under Rule 19b-4(e) using a custom

eXtensible Markup Language (XML)-based data language that the Commission

would create and publish on its website for SROs to use. The proposed amendments

would also require SROs to post a rendered PDF version of the custom XML

document using a PDF renderer that the Commission would also create and publish

on its website for SROs to use.

FOCUS Report Revisions

•

Finally, the proposed amendments would revise the FOCUS Report to harmonize it

with other rules, make technical changes, and provide clarifications. In addition, the

Commission is proposing to allow electronic signatures in Rule 17a-5, 17a-12, and

18a-7 filings, including the FOCUS Report.

Additional Information:

The public comment period will remain open until 60 days after publication of the proposing release on sec.gov

or 30 days after publication in the Federal Register, whichever is later.

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