Proposed Amendments to Modernize SEC's Information Collection and Analysis Methods

The Securities and Exchange Commission has proposed amendments which aim to modernize the collection and analysis of information by incorporating electronic filing into the regulatory process. This proposal requires that certain forms, filings, and other submissions submitted by national securities exchanges, national securities associations, clearing agencies, broker-dealers, security-based swap dealers, and major security-based swap participants be filed electronically on EDGAR via structured data where appropriate. The proposal also makes amendments to the Financial and Operational Combined Uniform Single (“FOCUS”) report to harmonize it with other rules, make technical corrections, and provide clarifications. Additionally, the proposal requires withdrawal of notices related to counting certain dealing transactions toward determining whether a person is a security-based swap dealer under specified circumstances. The public comment period remains open for 30 days after publication in the Federal Register or until May 22, 2023, whichever is later.