New rule to boost EDGAR integrity
In more news from the US Securities and Exchange Commission (SEC), on 3 February the Commission posted a new rule on electronic submissions to its EDGAR system in the Federal Register.
The rule, titled ‘Administration of the Electronic Data Gathering, Analysis, and Retrieval System,’ provides for actions the SEC may take to promote the reliability and integrity of EDGAR submissions, as well as establishing a process for the Commission to notify filers and other relevant persons of those actions as soon as reasonably practicable.
Broadly speaking, the rule provides ways for the Commission to resolve administrative issues, errors and malicious actions. These concerns include sensitive personally identifiable information, cyber-security threats, system and staff errors, misleading or manipulative submissions, and unauthorised submissions and disputes over the authority to use EDGAR access codes, among others.
A useful reminder that no matter what size a regulatory data collection system is, it requires continuous improvement and constant cyber-security vigilance.
Read more in the new SEC rule and the related XBRL US letter.
