It’s been nearly a year since the SEC went about rulemaking regarding mandatory e-filing of Section 16 reports. In anticipation of mandatory filing, many companies filed a Form ID for their insiders to enable them to file on their behalf.
Because passwords expire after 12 months, it is time for many of these insiders to renew their passwords. Since it is easy to renew before they expire – and not so easy to renew after they expire – I encourage you to renew them now. Alan Dye tells me that you can renew passwords on the SEC’s website before they expire – once a password expires, you have to file an amended Form ID to get a new one.
Interestingly, most compliance people don’t update insiders’ passwords, only their own. This is because you need only one password to get into the SEC’s system – after that, you can file using anyone’s codes. As a precautionary measure, however, you might want to renew all your insider’s passwords.
Thomson Financial on a Roll
Last week, Thomson Financial bought both CCBN – the leading IR Web page provider – and Glasser LegalWorks. Thomson also owns WestLaw and a number of other legal/corporate providers.