SEC Proposes Requiring BDs to File Forms Electronically

The public comment period will remain open for 30 days after publication in the Federal Register or until May 22, whichever is later, the agency said.

As proposed, the amendments would require entities under the Exchange Act to file electronically a range of annual and quarterly forms currently filed on paper, Gensler said.

For example, “brokers and other filers would need to submit electronically their annual audit filings and risk assessment reports,” Gensler stated. “Streamlining the Commission’s filing and processing, this also would help us more quickly analyze filings to ensure compliance with Congress’s laws and our rules.”

The proposal, if adopted, “would save both registrants and the Commission time and resources,” Gensler added. “We oversee more than 3,500 broker-dealers, the vast majority of which submit annual audit reports. While many filers voluntarily submit these audits electronically, nearly half submitted them on paper last year. These filings may run as long as 100 pages.”