Temporary Changes to Document Retention Requirements

November 24, 2020

Temporary changes to document retention requirements

The U.S. Securities and Exchange Commission recently issued a statement temporarily amending certain documentation requirements under Rule 302(b) of Regulation S-T. The changes come in response to the logistical challenges posed by COVID-19.

Rule 302(b) requires that signatories of documents electronically filed with the SEC maintain a hard copy of an executed signature page or other document certifying the signature from the electronic filing. The hard copies must be retained for five years after filing and provided to the SEC upon request.

The SEC’s statement permits filers not to follow Rule 302(b), as needed due to COVID-19, without the risk of enforcement action by the SEC as long as:

1. Hard copies of a signature page or other document are created and retained as soon as practicable;
2. The document shows record of what day and time it was signed; and
3. Policies and procedures are created by the filer to address the process.

This temporary relief will be in place until lifted, with two weeks advance notice, by the SEC.

If you have questions about document retention requirements or COVID-19 regulatory relief, FilePoint can offer guidance. Contact us today by calling 919-706-4090 or emailing file@filepoint.com for more information.