Securities and Exchange Commission 2009 – Federal Register Recent Federal Regulation Documents
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Adoption of Updated EDGAR Filer Manual
The Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual to reflect updates to the EDGAR system. The revisions were made primarily to improve the Form D filing process. The revisions to the Filer Manual reflect changes within Volume I entitled EDGAR Filer Manual, Volume I: ``General Information,'' Version 6 (March 2009) and Volume II entitled EDGAR Filer Manual, Volume II: ``EDGAR Filing,'' Version 11 (March 2009). The updated manual will be incorporated by reference into the Code of Federal Regulations.
Technical Amendments to Rules, Forms, Schedules, and Codification of Financial Reporting Policies
The Securities and Exchange Commission (``Commission'') is adopting technical amendments to various rules, forms and schedules under the Securities Act of 1933 (``Securities Act'') and the Securities Exchange Act of 1934 (``Exchange Act''). The Commission also is making certain technical changes to the Codification of Financial Reporting Policies (``CFRP''). These revisions are necessary to conform those rules, forms, schedules and the CFRP to two recently issued Statements of Financial Accounting Standards (``SFAS'') issued by the Financial Accounting Standards Board (``FASB''). SFAS 141 (revised 2007), Business Combinations, and SFAS 160, Noncontrolling Interests in Consolidated Financial Statementsan amendment of ARB No. 51 (collectively ``Statements'') were both issued in December 2007. The technical amendments include revision of certain rules in Regulation S- X, certain items in Regulation S-K, certain sections in the CFRP and various forms and schedules prescribed under the Securities Act and Exchange Act.
Interagency Proposal for Model Privacy Form Under the Gramm-Leach-Bliley Act
The Securities and Exchange Commission (``Commission'') is reopening the period for public comment on proposed amendments to Regulation S-P, which implements the privacy provisions of the Gramm- Leach-Bliley Act (``GLB Act''), originally published in the Federal Register on March 29, 2007. The proposed amendments would, if adopted, create a safe harbor for a model form that financial institutions may use to provide disclosures in initial and annual privacy notices required under Regulation S-P.
Amendments to Regulation SHO
The Securities and Exchange Commission (``Commission'') is proposing amendments to Regulation SHO under the Securities Exchange Act of 1934 (``Exchange Act''). We are proposing two approaches to restrictions on short sellingone is a price test that would apply on a market wide and permanent basis (``short sale price test'' or ``short sale price test restriction'') and one that would apply only to a particular security during severe market declines in that security (``circuit breaker''). With respect to the first approach, we propose two alternative short sale price tests: One based on the national best bid and the second based on the last sale price. With respect to the second approach, we propose two basic alternatives: One alternative is a circuit breaker rule that would temporarily prohibit short selling in a particular security when there is a severe decline in the price of that security (a ``halt''), which could operate in place of, or in addition to, a short sale price test rule; and the second alternative is a circuit breaker rule that would trigger a short sale price test rule; we propose that such a short sale price test either be based on the national best bid for any security for which there has been a severe price decline or be based on the last sale price for any security for which there has been a severe price decline.
Staff Accounting Bulletin No. 111
This staff accounting bulletin (``SAB'') amends Topic 5.M. in the Staff Accounting Bulletin Series entitled Other Than Temporary Impairment of Certain Investments in Debt and Equity Securities (``Topic 5.M.''). On April 9, 2009, the FASB issued FASB Staff Position No. FAS 115-2 and FAS 124-2, Recognition and Presentation of Other- Than-Temporary Impairments (``FSP 115-2'') to provide guidance for assessing whether an impairment of a debt security is other than temporary. This SAB maintains the staff's previous views related to equity securities. It also amends Topic 5.M. to exclude debt securities from its scope.
Roundtable on Oversight of Credit Rating Agencies
The Credit Rating Agency Reform Act of 2006 provided the Securities and Exchange Commission for the first time with authority over credit rating agencies that register with the Commission as Nationally Recognized Statistical Rating Organizations (``NRSROs''). Most of the Act's provisions became effective in June 2007. Pursuant to the Act, the Commission has adopted two sets of rules, and Commission staff has conducted an extensive 10-month examination of the three largest credit rating agencies. In February 2009, the Commission issued a proposing release that included several proposals to further the Act's purpose of promoting accountability, transparency, and competition in the credit rating industry. The proposing release is available on the Commission's Web site at https://www.sec.gov/rules/ proposed/2009/34-59343.pdf.
Adoption of Updated EDGAR Filer Manual
The Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual to reflect updates to the EDGAR system. The revisions are being made primarily to update EDGAR to support the potential rule where domestic and foreign large accelerated filers that use U.S. Generally Accepted Accounting Principles (GAAP) would provide to the Commission a new exhibit to their filings for their reporting periods that end as per the details specified in the final eXtensible Business Reporting Language (XBRL) rule. The revisions to the Filer Manual reflect changes within Volume II entitled EDGAR Filer Manual, Volume II: ``EDGAR Filing,'' Version 10 (December 2008). The updated manual will be incorporated by reference into the Code of Federal Regulations.
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