On September 15, the Securities and Exchange Commission began accepting filings of Form D through its EDGAR filing system as part of the SEC’s overall efforts to reduce unnecessary paper filings and regulatory burdens, particularly for smaller companies.
As reported in the February 8, 2008 edition of Corporate and Financial Weekly Digest, the new rules adopted by the SEC earlier this year provide for online filing and simplification of Form D notices. Under the new rules, between September 15, 2008 and March 16, 2009, issuers may file a Form D either electronically or on paper. After March 16, 2009, electronic filing of a Form D will become mandatory. During this six-month “phase-in” period, issuers may file either the revised Form D (referred to as “Form D”) or Temporary Form D (the old Form D with certain revisions). Both forms can be found at
The SEC is encouraging Form D filers to use the voluntary system and inform SEC staff about their experiences. The SEC staff expects adjustments will be made to the system to increase its utility and user-friendliness before the online filing of Form D becomes mandatory. Filers can report their experiences to the SEC's Office of Small Business Policy in its Division of Corporation Finance at (202)551-3460 or smallbusiness@SEC.gov.
The SEC staff is continuing to work with the North American Securities Administrators Association to link its Form D filing system with a system built by state securities regulators that would accept state Form D filings. No timetable has been adopted for linking the two systems.