Securities Client Alert: SEC Approves Mandatory Electronic Filing of NASD Submissions
4/23/2002
This client alert explains how the SEC's approval of the NASD's proposed rule change to the Corporate Financing Rule (NASD Conduct Rule 2710) requiring electronic filings affects the filing of documents relating to public offerings of securities. As of July 12, 2002 the NASD no longer accepts filings that are not made utilizing the NASD's Corporate Offerings Business & Regulatory Analysis Desk (COBRADesk); this obligation to file information electronically apples to all offerings subject to the Corporate Financing Rule's filing requirements. The rule change further modifies Rule 2710 to provide that all documents filed with the SEC through the EDGAR system will be treated as filed with the NASD, but it stipulates that members that do not file documents with the SEC through EDGAR will still be required to submit three copies (reduced from five) of any required documents in paper format.
