Novaworks Introduces Solution To Help Businesses Comply With New Asset-Backed Securities Filing Rules

ROCHESTER, N.Y., Nov. 4, 2014 /PRNewswire/ -- As asset-backed securities issuers scramble to ensure compliance with new rules adopted in August by the Securities and Exchange Commission, Novaworks — one of America's leading providers of SEC filing software — announced today that the latest version of its GoFiler software program (version 4.2) has been released, featuring updates that enable companies to meet the new requirements for asset-backed securities.

GoFiler, which provides public companies — and firms that deliver third-party filing services for public companies — with an easy-to-use tool to complete all regulatory EDGAR filings, is the only software program available that addresses the new asset-backed security disclosure requirements, which took effect in October 2014. Given the SEC's rapid implementation of new reporting rules for asset-backed securities, GoFiler 4.2 from Novaworks will provide new and current clients with the capability to quickly transition to the new standards and ensure full compliance.

"Novaworks has always taken an aggressive, proactive approach to providing timely and effective solutions to the reporting challenges facing public companies who file to the SEC on their own, as well as firms that provide filing services for public companies," Novaworks CEO Scott Theis said. "Since the writing has been on the wall for several years that this change in asset-backed securities reporting was going to happen, Novaworks has been hard at work getting our GoFiler software package upgraded so that current and new customers are fully armed with the tools they need to efficiently and accurately ensure full compliance with the new government regulations."

The SEC's new rules aim to improve transparency, strengthen disclosure and overhaul reporting requirements for asset-backed securities. In light of major losses suffered by asset-backed security investors during the 2008 financial crisis, the SEC and Congress took steps to protect investors and enhance disclosure of critical financial information. The new protections and transparency requirements are expected to facilitate activity within the securities markets and spur investment.

"As a company, Novaworks is committed to assisting its clients in maintaining the transparency that's not only required by law, but that also helps keep our free market economy free," Theis added. "Our software solutions not only ensure compliance for the companies we work with, but also drive investment growth for those companies through accurate disclosure."

Novaworks' new solution will enable clients to immediately comply with the SEC's updated rules and complete all required disclosures and forms. With full capabilities for the filing of new Forms SF-1 and SF-3 — which replace current Forms S-1 and S-3 for asset-backed securities issuers — Novaworks' solution will ensure all information required by the SEC is accurately filed, including details about the loans bundled, their performance over time and data related to the collateral connected with loans.

In addition to the updates that enable companies to meet the new requirements for asset-backed securities, GoFiler 4.2 also includes a new template view to simplify submission of Form 24F-2. The enhanced Form 24F-2 functionality of GoFiler 4.2 will greatly benefit open-end management investment companies and unit investment trusts, which are required to file this traditionally complex form within 90 days of the end of each fiscal year. 

Novaworks team members were involved with the design and implementation of the EDGAR system starting when the SEC began collecting electronic documents in 1984. As a result, Novaworks has helped its clients consistently remain ahead of the curve as system changes and new rules are enacted.

About Novaworks
Novaworks is a top provider of EDGAR conversion and filing software. The company's suite of products includes solutions for a wide range of EDGAR filers, with each application tailored specifically to provide clients — whether they are a compliance filer or perform a large number of EDGAR filings on behalf of other entities — with the tools they need. More information can be found at www.novaworkssoftware.com.

SOURCE Novaworks

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