April 9, 2003

On the’s “Comparing the

On the’s “Comparing the Section 16 Filers” webcast yesterday, the SEC staff indicated that its web-based system will go live on either April 24th or 25th. This means that filers then will be able to make Section 16 filings only by either using the SEC’s website, using a service provider that has brought its product up to speed or by filing on paper (ie – there won’t be parallel systems – so filing by “normal” Edgar won’t work). The webcast is archived on and a transcript will be available early next week.

The SEC staff also explained how their website will have limitations (e.g. there is no “save” feature – so you can’t input some data and turn to something else for a significant amount of time before filing. You must basically input data and file all in one session).

For those seeking a filer, we recommend that you try the Romeo & Dye Section 16 Filer. It can be used free by anyone – including law firms – until September 30th (and then its only $195 for subscribers thru the end of 2004). It is simple and practical, with a new recordkeeping functionality (and compliant with the SEC’s new system). You can download and try the Romeo & Dye Filer at

Senator Levin has tacked an amendment on a bill – which is likely to pass – which would give fining authority to the SEC without having to go to court. The SEC unsuccessfully tried to get this authority in the Sarbanes-Oxley Act. See the related Washington Post article at