Earlier this month during a speech in London, William Hinman, director of the Securities and Exchange Commission’s (“SEC”) Division of Corporation Finance (“Corp Fin”), discussed his office’s future priorities.
One of Corp Fin’s priorities includes improving the efficiency of its internal processes by reviewing filing procedures and no-action requests, and assessing whether the office can better its response times. Corp Fin is also planning to update and simplify its Financial Reporting Manual and Compliance and Disclosure Interpretation.
Several aspects of Corp Fin’s future guidance and rulemaking are likely to receive priority, such as disclosures regarding cybersecurity and resource extraction. Corp Fin might even develop recommendations for simplifying outdated disclosure requirements and for updating Industry Guide 3 for financial institutions.