Officers, directors and major stockholders of publicly traded companies often casually comply with the reporting requirements of Section 13 (Schedules 13D and 13G) and Section 16 (Forms 3, 4 and 5) under the Securities Exchange Act of 1934 (also known as the Exchange Act), if at all. Thus far, this complacent attitude has not resulted in aggressive enforcement action by the SEC, until now.
Don’t Think You Have to Worry About Timely Reporting Securities Transactions with the SEC? Think Again.
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About DLG
Disclosure Law Group (DLG) is a different kind of law firm, focused principally on representing public companies and institutional investors in connection with extraordinary financing and related corporate transactions, and compliance with the ever changing and complex rules and regulations governing SEC reporting and disclosure. And without the overhead and infrastructure of a large law firm, DLG is able to provide its clients with exceptional counsel at a fraction of the cost typically charged by most traditional corporate law firms.
Because of DLG's relationship with SEC Connect, LLC, DLG is able to provide EDGAR/XBRL filing services as well as access to SEC Connect’s Disclosure, Collaboration and Filing (DCAF) web-based filing system.
About SEC Connect
SEC Connect is a full service-filing agent, only better. SEC Connect eliminates all the variable fees that drive up the cost of a typical filing, by offering pricing options that are simple to understand, yet competitive with the costs offered by even the most aggressive EDGAR filing agents. SEC Connect’s client service team is the best and most attentive in the business, with extensive experience with both EDGAR and XBRL filings. And SEC Connect offers clients access to its award-winning Disclosure, Collaboration and Filing (DCAF) system – a web based filing platform revolutionizing the way law firms, public companies, reporting persons and others involved in the reporting process file documents with the SEC.
The SEC Speaks – XBRL in Focus!
8 SepThe SEC Staff Issues Comment Letters
Since the inception of XBRL in 2009, the goal of the SEC has been to create a uniform system that would become a tool for investors to compare and analyze company financial statements. A phase-in period was afforded to companies that would need time to adjust to a system that came with certain labor and financial burdens, especially for smaller reporting companies. This grace period has long since come to an end, and for a while, the only noise regarding compliance came from certain filing agents attempting to drum up business by pointing out errors in XBRL files. Now the SEC has begun to weigh in on irregularities, and errors in XBRL submissions, beginning with a comment letter sent to certain public companies in July 2014. In that letter, a sample of which the SEC has posted at http://www.sec.gov/divisions/corpfin/guidance/xbrl-calculation-0714.htm, the SEC highlighted two common XBRL errors – calculation relationships and custom element data tagging.
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Tags: comment letters, custom elements, custom tagging, securities and exchange commission, XBRL