SEC Sets Comment Deadline on Proposed Requirements for Electronic Filing and FOCUS Reporting

Comments on the SEC's proposed amendments to "modernize" filing procedures through the use of electronic filings are due by May 22, 2023. The proposed amendments were published in the Federal Register.

The proposal would (i) require self-regulatory organization ("SRO") submissions on EDGAR and (ii) update the FOCUS Report to require, in addition to broker-dealers, OTC derivatives dealers and security-based swaps dealers who would have to submit a FOCUS Report Part II as part of the SEC’s new regime to regulate security-based swap activity. As previously covered, the SEC's proposal would amend (i) Exchange Act Rule 19b-4 ("Filings with respect to proposed rule changes by self-regulatory organizations.") and (ii) Exchange Act Rule 17a-22 ("Supplemental material of registered clearing agencies").