Monday, December 12, 2011

The Securities and Exchange Commission released an update to their filing review process on December 1st. Beginning January 1, 2012, the staff will release the comment and response letters as early as 20 days following the completion of a filing review. This is down from the current 45 day policy. Below is the full text of the release and a link to it on the SEC website

SEC Staff to Release Filing Review Correspondence Earlier

Since May 12, 2005, the staff of the Securities and Exchange Commission has been publicly releasing through the EDGAR system comment letters and response letters relating to disclosure filings reviewed by the Divisions of Corporation Finance and Investment Management. See Press Release No. 2005-72 (May 9, 2005). Since the inception of the program, the stated goal has been to release the correspondence “no earlier than 45 days after the review of the disclosure filing is complete.” To further enhance the transparency of the filing review process, beginning January 1, 2012, the staff will release filing review correspondence no earlier than 20 business days following the completion of a filing review.
http://www.sec.gov/divisions/corpfin/cfannouncements/edgarcorrespondence.htm

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Written by Rob Peters