Novaworks Issues New Solution for SEC Regulation SDR in Latest Version of Industry-Leading Filing Software
Novaworks' GoFiler 4.5 provides firms engaged in securities swaps with necessary tools to easily, accurately complete new SEC requirements
ROCHESTER, N.Y., April 22, 2015 /PRNewswire/ -- New SEC rules scheduled to take effect May 18 and designed to increase transparency within the nation's derivatives markets have left firms engaged in securities swaps searching for solutions. Novaworks, one of America's leading providers of SEC filing software, announced today that the latest version of its GoFiler family of products contains an easy-to-use solution to help these firms fully comply with the new rules and complete all necessary disclosure requirements.
GoFiler version 4.5 incorporates new features that allow firms involved in security-based swaps to create, edit and file Form SDR, the new disclosure form for swap data repositories (SDRs). With Form SDR, firms are required to register with the SEC to inform the commission that they are engaged in transactions related to securities swaps. Novaworks' GoFiler will help SDRs easily and accurately provide this mandatory data to the SEC.
"We implemented a number of key updates to further strengthen our industry-leading GoFiler software — most notably the addition of full support for the new SEC Form SDR," Novaworks Director of Software Development David Theis said. "With our SDR solution in GoFiler 4.5, our users will have the tools they need to fully comply with the new disclosure rules."
Since SDR is a new form that requires an entirely new set of filers to submit information to the SEC, Novaworks plans to make continual improvements, as needed, based on user input and real-world data. Novaworks also offers its users technical support to help filers adopt the software into their systems and fully adhere to SEC requirements.
The Dodd-Frank Wall Street Reform and Consumer Protection Act targeted the derivatives markets as a factor in the 2008 financial crisis, and it empowered the SEC with jurisdiction to oversee securities swaps.
In addition to the new rules calling for SDRs to register with the SEC, these firms will also be required to preserve transaction data records, which the SEC will be able to access and examine. Using GoFiler will allow SDRs to very easily maintain their registration with the SEC.
Novaworks GoFiler version 4.5 also contains a number of corrections and improvements for XBRL, EDGAR Submission View and to the general application. Novaworks encourages existing subscribers to use the "Check for Updates" function to update their software to the latest version.
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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