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U.S. Security and Exchange Commission “SEC” Proposes Amendments to Require Hyperlinks to Exhibits in Filings

On August 31st 2016, SEC Introduced Amendments Designed to make it Easier for Investors and Companies to Access Information the amendment would require registrants to include a hyperlink to exhibits in their filings.

As per the SEC chair, The proposed changes should make it significantly easier to locate documents attached to company filings and this enhanced capability will benefit both investors and companies.

The proposed amendments would require registrants that file registration statements and periodic and current reports that are subject to the exhibit requirements under Item 601 of Regulation S-K, or that file on Forms F-10 or 20-F, to include a hyperlink to each exhibit listed in the exhibit index of the filings. The amendments would also require that registrants submit all of these filings in HyperText Markup Language (HTML) format.

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U.S. Security and Exchange Commission “SEC” Adopts Amendments Providing Authorities Access to Data Obtained by Security-Based Swap Data Repositories

On August 29th, 2016 the Securities and Exchange Commission adopted amendments to a rule that would require security-based swap data repositories to make data available to regulators and other authorities, allowing them to share information and more effectively oversee the security-based swap market.

As per the Chair of SEC the rules are fundamental to effective supervision of the security-based swap market and regulators must have timely, reliable access to data repositories in order to carry out their oversight responsibilities and reduce threats to financial stability, increase transparency, and improve the integrity of the market.

The Dodd-Frank Act established provisions for regulators to access security-based swap data from data repositories. Building on a proposal from September 2015, the final rule amendments implement these provisions and, among other things:

  • Require either a memorandum of understanding or other arrangement between the Commission and the recipient of the data to address the confidentiality of the security-based swap data provided to the recipient;
  • Identify the five prudential regulators named in the statute, as well as the Federal Reserve banks and the Office of Financial Research, as being eligible to access data;
  • Address factors that the Commission may consider in determining whether to permit other entities to access data.

The proposed amendments included a conditional exemption from a statutory requirement for recipients of data from repositories to indemnify those repositories. Congress repealed the requirement in December 2015, and the final rule amendments therefore do not include the conditional exemption.

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6 September 2016
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