- SEC adopted rule amendments to Regulation S-T, Rule 302, under 17 CFR 232.302.
- To permit electronic signatures when executing many SEC authentication documents.
- Amended electronic data, gathering, analysis, retrieval system (EDGAR) filer manual.
- Part of series of initiatives designed to modernize and strengthen agency's operations.
- Separate filing on electronic documents in administrative proceedings.
- Regulation S-T governs electronic submission of documents to SEC through EDGAR.
- Rule 302 requires each signatory sign an authentication document before or at time of electronic filing to adopt signature that appears in typed form in the electronic filings.
- Due to COVID-19 pandemic, SEC reevaluated requirement related to manually signing.
- Final rule provided requirements for electronic signing process in EDGAR filer manual.
- Required signatory to present a physical, logical, digital credential to authenticate ID.
- Reasonably provide for non-repudiation of signature, include timestamp of signature.
- Signature must be attached/affixed/logically associated with signature page/document.
- Corresponding revisions adopted to several rules, forms in securities act, securities exchange act, investment company act to permit listed use of electronic signatures.
- SRT rules 402 and 471 amended under 17 CFR 230.402 and 17 CFR 230.471.
- Investment company act, Rule 8b-11, was amended, pursuant to 17 CFR 270.8b-11.
- Additionally, securities exchange act rules under 17 CFR 240.12b-11, 17 CFR 240.14d-1, 17 CFR 240.15Fb1-1, 17 CFR 240.16a-3, Form CB under 17 CFR 249.480 amended.
- Also adopted updated EDGAR Filer Manual, Vol. II: EDGAR Filing (Ver. 55) (Nov. 2020).
- Set forth requirements for electronic signing process when using electronic signatures.
- Updated filer manual is incorporated by reference into the code of federal regulations.
- Amendments effective upon pending publication of adopting release in federal register.