SEC Updates EDGAR to Accommodate Regulation Crowdfunding
The SEC has released an updated draft EDGAR filer manual. According to the draft manual, EDGAR will be updated to include the following new submission form types required by Regulation Crowdfunding:
- C: Offering Statement
- C-W: Offering Statement Withdrawal
- C-U: Progress Update
- C-U-W: Progress Update Withdrawal
- C/A: Amendment to Offering Statement
- C/A-W: Amendment to Offering Statement Withdrawal
- C-AR: Annual Report
- C-AR-W: Annual Report Withdrawal
- C-AR/A: Amendment to Annual Report
- C-AR/A-W: Amendment to Annual Report Withdrawal
- C-TR: Termination of Reporting
- C-TR-W: Termination of Reporting Withdrawal
Issuers can access these submission form types from the “Regulation Crowdfunding” link on the EDGAR Filing Website. Additionally, issuers may construct XML submissions for these submission form types by following the “EDGAR Form C XML Technical Specification” document located on the SEC’s Public Website.
According to the filer manual, the new functionality will be present in EDGAR on December 14, 2015. However, Regulation Crowdfunding is not effective for the most part until 180 days after the regulation is posted in the Federal Register.
The draft filer manual is posted before Commission approval of potential regulatory changes in the manual, and is provided by the SEC as a service to its filing community to assist filers, agents, and software developers in their preparation of responses to potential changes the staff anticipates. Since this is a draft manual, the SEC retains the right to change any part of the manual before the new system release is made final.
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