SEC Adopts Final Rule on Electronic Filing

The SEC adopted rule amendments to require certain financial documents to be filed electronically through the EDGAR and Investment Adviser Registration Depository ("IARD") systems. The SEC also adopted amendments to Form 13F ("report of institutional investment managers").

The amended rules require electronic filing of applications for orders under the Advisers Act and confidential treatment requests for Form 13F filings on the EDGAR system and Form ADV-NR through the IARD system. The amended rules (i) require managers to provide their Central Registration Depository number and SEC file number, if any, and (ii) add the option to include a Financial Instrument Global Identifier in the filing for any security reported on Form 13F.

The SEC stated that the amendments will modernize information submissions and promote more efficient analysis of filings as well as modernize its records management process and improve its ability to track filings. The SEC noted requiring electronic filing submissions will increase the accessibility of financial documents to the public.

The new rules and form amendments will become effective 60 days after publication in the Federal Register, except for the amendments to Form 13F, which will become effective on January 3, 2023.