SEC to Replace Some Orders with Electronic Notification

The Securities and Exchange Commission announced an effort to provide broader and more timely public notice of important actions.

Beginning May 22, the staffs of the Corporation Finance and Investment Management divisions will begin to use the Edgar system to issue notifications of effectiveness for Securities Act registration statements and post-effective amendments, other than those that become effective automatically by law.

Notifications will be posted to the Edgar system the morning after a filing is determined to be effective. The divisions will no longer prepare and mail the orders associated with these filings. Registrants will continue to be notified by telephone that their registration statements or post-effective amendments are effective.

After May 22, the SEC's Web site, www.sec.gov, will also present a list of filings declared effective on the previous business day.

"We believe that this is a significant step in providing an online picture of a company's filing history for both registrants and the public," said director of the Division of Corporation Finance John White, in a statement. "The implementation of this new system will afford members of the public and participants in securities offerings prompt, reliable public confirmation that registration statements are effective."

Orders relating to applications for registration as a transfer agent, or as a municipal securities dealer, will be supplemented by electronic notifications distributed through Edgar on the morning after those applications are granted.