SEC Releases Peak Filing Volume Dates in 2023
In today’s fast-paced world, galloping one’s way through work with little focus on efficiency and accuracy has become the norm. Lack of time, resources, and the right tools have done work all about getting things done, a.k.a hustling one’s way through. The Securities and Exchange Commission (SEC) fully recognizes this cultural trend as it has noted a sharp increase in traffic to its online filing portal during certain crucial filing dates. The traffic has been noted to be unbelievably high despite an option to submit filings in advance.
To effectively handle last-minute traffic, the Securities and Exchange Commission has released the dates on which it expects to receive the highest volume of filings in the calendar year of 2023. We have compiled them for your ready reference.
The time frames indicate when the SEC is expected to receive a high volume of filings. This is generally seen in the hour before the end of the filing day. The calendar also lists the dates of the Federal Holidays when the EDGAR system or the SEC mailroom will not receive, process, or accept filings.
Upon reviewing historical data, it was found that people were waiting until the last hour to file their reports with the SEC, leading to longer waiting times and, in rare instances, even unsuccessful filings.
While a complete list of dates does make everyone’s life easier, a more straightforward solution to avoid longer processing times on high filing volume dates would be to submit the tests or applicable live filings as early as possible, before the due date of a particular filing.
DataTracks enables easy, fast, efficient, and accurate filings through a cloud-based solution for the automated preparation of compliance reports – Rainbow. This software, developed by DataTracks can help you prepare precise compliance reports in HTML, XBRL, and iXBRL formats as required by the SEC.
Why Rainbow for SEC Reporting?
- Multiple user engagement – Grants section-specific access to users
- Roll-forward report creation – The ability to carry over iXBRL tags from the previous period
- Pre-validation with SEC taxonomies – With our preventive validation mechanism, most errors will be filtered as and when you tag. Users can also pre-validate with the US GAAP and IFRS taxonomies before generating iXBRL output assuring zero filing rejection.
- Content Layer for easy fixes – Our application is tuned to retain the format as in a word document and to make any last-minute changes without a need to re-upload the source
- Easy tagging – Simply drag-and-drop function allows users to select multiple facts at the same time quickly and tag XBRL attributes.
- ISO certified for Quality and Data Security – Assured secure and quality iXBRL report
With the DataTracks software Rainbow, you can equip your team with the right tool to stay ahead of the curve and file with the SEC almost seamlessly. With the iXBRL software, you can equip your team with the right tools for filing as per the regulations of the SEC.
DataTracks also provides Fully Managed Services that cater to end-to-end filing necessities. All you need to do is provide DataTracks with raw data that will be formatted and tagged to suit the requirements of the compliance guidelines. There are no hidden charges. DataTracks’ assistance isn’t affected by peak filing months or the weekends. XBRL experts will manage your filings with over 17 years of expertise.
Avoid missing deadlines and the hassle of high traffic on the online channels that allow you to file with the SEC with DataTracks. Get in touch with us for a demo of Rainbow or to talk to us about managing your compliance needs.