SEC Sets Effective Date for New Daily Filing Deadline for Form 144 Submissions

The effective date for SEC amendments to Regulation S-T ("Electronic Filings"), which extend the EDGAR deadline for when a Form 144 ("Notice of proposed sale of securities") is considered filed, will be March 20, 2023. The Notice was published in the Federal Register.

As previously covered, the amendments moved the daily filing deadline from 5:30 p.m. EST to 10:00 p.m. EST. The SEC said that the EDGAR system will be updated to accept Form 144 and Form 144/A submissions from 6:00 a.m. EST until 10:00 p.m. EST.

The final rule also includes two technical corrections to (i) correct the time that EDGAR will begin accepting filings each day in SA Rule 110 ("Business hours of the Commission") and (ii) reinstate the Regulation S-T-based requirement for paper filings of Form 144 for non-reporting issuers, which had been erroneously removed in the rule adopting electronic submission requirements (see 87 FR 61977).