As we noted in this blog a couple of weeks ago, the new and greatly enhanced version of the Reference Retriever tool on Lexis Securities Mosaic is live. Users who access SEC EDGAR filings through Securities Mosaic now have instant access to most filings or exhibits referred to in other filings, including those incorporated by reference. All it takes is a couple of clicks of your mouse to retrieve the referenced document.
To see the feature in action, you can watch this three-minute video on RR v.2. Or, if you prefer to have your own personal guided tour, click here to schedule a live training with one of our product specialists.
We’d love to hear your feedback on the new feature!
Although the Dodd-Frank Act is coming up on its 5th anniversary, the long process of implementing the law through federal agency rulemaking just keeps on going. To date, Lexis Securities Mosaic has tracked nearly 2,700 agency releases related to Dodd-Frank’s implementation, including a staggering 426 Final Rules (as recorded in the Federal Register). With more on the way, the easiest way to say abreast of them is to create a Dodd-Frank Tracker alert on Securities Mosaic.
And the easiest way to become familiar with the Dodd-Frank Tracker is by watching the 3-minute video we’ve put together. You can see it here.
Important notice: Lexis® Securities Mosaic® will temporarily be unavailable this weekend, while we make upgrades to improve our service to you. Our upgrade work will begin on Friday, June 19 at 8:00pm EDT / 5:00pm PDT through mid-day Sunday, June 21st. We apologize in advance for any inconvenience and appreciate your patience. Thank you.
Lexis®Securities Mosaic® is excited to announce the recent release of Reference Retriever version 2, available now on our SEC Filings search page. Greatly improving on the previous version of the feature, the new release lets you fetch documents incorporated by reference with just a couple of clicks of your mouse.
Below are some Frequently Asked Questions About the new Reference Retriever.
What pain point does the feature address?
In many situations, the SEC allows filers to fulfill disclosure obligations by merely referencing information from previously filed documents, in lieu of actually including this information. Users who need to see these documents must leave the current document and hunt down the referenced one. This “incorporation by reference” scenario disrupts research workflow and costs users valuable time.
How does RR v.2 solve the problem?
Users who view SEC filings in Securities Mosaic can now instantly access referenced documents directly from the document they’re viewing simply by clicking a hyperlink. As long as a referenced document has the information a human would need to find it (such as form type and filed date), it should have the red dotted Reference Retriever hyperlink.
How does the tool work?
Open the standard (HTML) version of an SEC filing after you’ve run a search. You’ll see that within that document, the names of referenced documents (“10-K,” “Exhibit 4,” etc.) are hyperlinked in red. When you click that link, the Reference Retriever tool opens in the pane to the left of the document, revealing a link to the referenced document and associated data (filer and filing date). Click it, and the document opens.
This functionality is made possible by a proprietary algorithm that identifies form types and exhibits within the text of a document, along with other identifying data. The data is converted to search parameters that are executed when you click the link.
Why can’t I be taken directly to the referenced document when I click the hyperlink? (Why two clicks instead of one?)
This approach accounts for filing references that are ambiguous, avoiding the problem of a user hitting a dead-end because more than one document met the search criteria. (For example, Acme International Inc. files two 8-Ks on the same day.) If multiple documents result from the search parameters, links to all relevant documents are displayed. The user can typically identify the correct document from the short list of results; otherwise, he or she can open both documents to determine the correct one.
In even more rare instances, when the Reference Retriever is not able to return the target document automatically, the user may view and edit the auto-populated search parameters in order to refine the initial search.
Why is the Securities Mosaic Reference Retriever better than what competitors may offer?
Reference Retriever includes not only exhibits, but also full filings incorporated by reference. It even offers exhibits or filings that are referenced outside of an incorporated by reference scenario. It is therefore the most comprehensive such tool available.
The annual conference of the Financial Industry Regulatory Authority (FINRA) is being held May 27 through 29 – that’s Wednesday through Thursday of this week – in our nation’s capital. Lexis® Securities Mosaic® will be there, so come by Booth #53 for a demo of the product, information on upcoming releases, or just to say hello.
FINRA’s Annual Conference includes nearly 40 sessions designed to help you navigate toward a strong culture of compliance—whether you’re new to your compliance role or a seasoned veteran.
In response to attendee feedback, this year’s Annual Conference builds upon important regulatory updates to provide compliance officers, legal professionals, branch managers and others with the tools to develop and maintain an effective compliance framework.
- Nearly 40 panels and more than 100 speakers
- Networking with industry experts, peers and regulators
- Opportunity to earn CLE, CPE and CRCP continuing education credits
Read more at http://www.finra.org/industry/annual-conference.
On May 8th, the SEC’s Division of Enforcement issued a statement describing the factors it considers when determining whether a contested enforcement action should be brought as an administrative proceeding before the Commission’s administrative law judges or as a civil action in the federal courts. View the statement here.
The statement, discretely tucked to the side of the Division’s homepage, was issued three days after SEC Chair Mary Jo White told Senators she was considering the issuance of guidelines that would describe the forum selection process. See e.g., Reuters.
The Enforcement Division’s statement makes clear that the approach it describes is non-exhaustive, fact driven, and subject to Commissioner review. Among other things, the Division considers:
- Who is being sued. If multiple defendants from different jurisdictions are being sued jointly, personal jurisdiction and venue considerations may make it easier to bring the matter in an administrative court.
- What relief is sought. Associational bars and suspensions can only be imposed in an administrative proceeding. Judicial economy may therefore direct that an action be brought in an administrative proceeding rather than first commencing a district court action and later instituting an administrative proceeding.
- Where the Division is authorized to initiate the action. Proceedings for control person liability, for example, can only be brought administratively while a suit seeking emergency relief can only be pursued in a district court.
Interestingly, the Division openly states that if the action involves novel or unsettled legal issues it may bring the action in-house in order to take advantage of the Commission’s expertise. “[O]btaining a Commission decision on such issues, subject to appellate review in the federal courts, may facilitate development of the law,” the Enforcement Division notes.
Whether you look at proxy season through the lens of the corporate boardroom or from the shareholder perspective, there’s a lot to keep on top of. That’s especially true in a climate where activists and shareholder advocacy groups are becoming increasingly influential, and old ways of doing things are being reexamined.
Lexis® Securities Mosaic® has everything you need related to proxy access and the proxy process all in one place: recent disclosure, rulemaking and administrative guidance, and news and commentary. Click the thumbnail image to see a PDF with more detail.