SEC Updates Electronic Filing Requirements

On June 3, 2022, the Securities and Exchange Commission (the "SEC") announced its adoption of rule and form amendments expanding the requirement of electronic filing to include certain documents that are currently permitted to be filed or submitted in paper form, including Form 144 and glossy annual reports. The revised rules are intended to modernize the SEC's filing requirements and provide electronic access to these documents, allowing greater and easier investor review.

The SEC indicates that this compulsory transition to electronic filings will enable more efficiency, transparency, and operational resiliency. Electronic submissions are more readily accessible to the public, presented in easily searchable formats on the SEC's website, and easily tracked by the SEC, and the expansion of mandatory electronic filing is expected to ultimately benefit investors. The SEC also hopes that this full-scale shift to electronic filings will enable less sophisticated