Possible Government Shutdown: ramifications for US EDGAR filers

If appropriations are not completed by October 1 (the first day of FY 2014 for the U.S. Government), the Securities and Exchange Commison (SEC) will start winding down its operations until the appropriations are completed. 

What will be available at the SEC (related to filings): 

  • Systems available for filings by registrants and regulated entities/questions about Filings
  • EDGAR and other filing systems (but see below re: processing of registrations and other filings) will remain functional
  • Answer questions about fee-bearing EDGAR filings and other emergency questions regarding EDGAR submissions 

What will NOT be available at the SEC (related to filings):

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  • Processing and approvals of filings and registrations by registrants and regulated entities
  • Review and approval of applications for registration by entities (e.g., investment advisers, broker-dealers, transfer agents, nationally recognized statistical rating organizations, investment companies, and municipal advisors) and with respect to new financial products
  • Review and approval of self-regulatory organization rule changes
  • Review and acceleration of effectiveness of registration statements by issuers for securities offerings; review of periodic reports and other filings; and non-emergency support to registrants

Essentially, the EDGAR system will remain open as normal. Supposedly the Fee Unit and Filer Support will be available. 

However:

  • Registration Statements will NOT be reviewed
  • Acceleration Requests will NOT be granted
  • Likely Form IDs will NOT be processed

A prolonged shutdown would likely have a significant damping effect on the number of Registration Statements working in October.

One response to “Possible Government Shutdown: ramifications for US EDGAR filers

  1. Pingback: September 2013 IR and SEC Compliance Blog Summary | Building Shareholder Confidence

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