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SEC and EDGAR Status During Federal Government Shutdown

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The SEC posted an alert and guidance to filers about the impact of the government shutdown. During the shutdown, the EDGAR system will remain operational. Filings can be submitted, processed and disseminated. However, beginning December 27, 2018 the SEC has a limited number of staff available to assist with urgent issues. Many federal employees have been furloughed during the shutdown, including from the SEC. The agency’s plan outlines specific details and essential services. The SEC states their goal is to maintain their threefold mission: protect investors, maintain fair and order markets, and facilitate capital formation.

The Division of Corporate Finance posted guidance for public companies about the impact. They note that while EDGAR will accept filings, limited staff will impact new offerings. Registration statements and Regulation A offerings will not be able to be declared effective. The guidance also discusses some potential options for issuers in the middle of an offering to raise capital.

Similarly, the Division of Investment Management posted guidance for Mutual Funds and other investment companies about the impact. The shutdown means staff are not able to respond to questions and pending issues, however, the Division has emergency contact options for issuers that need urgent assistance.

It appears the SEC will be open on New Year’s Eve, 12/31/18. We will continue to monitor and post updates about the impact.


Toppan Merrill

Toppan Merrill, a leader in financial printing and communication solutions, is part of the Toppan Printing Co., Ltd., the world's leading printing group, headquartered in Tokyo with approximately US$14 billion in annual sales. Toppan Merrill has been a pioneer and trusted partner to the financial, legal and corporate communities for five decades, providing secure, innovative solutions to complex content and communications requirements. Through proactive partnerships, unparalleled expertise, continuous innovation and unmatched service, Toppan Merrill delivers a hassle-free experience for mission-critical content for capital markets transactions, financial reporting and regulatory disclosure filings, and marketing and communications solutions for regulated and non-regulated industries. With global expertise in major capital markets, Toppan Merrill delivers unmatched service around the world.

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