Re: Termination of Internet EDGAR Dissemination Project
Brad, Certainly appreciate your efforts on the Edgar distribution. Have found the access extremely useful. A couple of things occur to me that may be useful in writing to people in Congress, etc., to try to get this access continued.
To the members of the list:
1. In addition to the comments on the Paperwork Reduction Act that are on the web site, it seems to me that one of the most fundamental reasons for the *existence* of the SEC is to disseminate financial information on publically owned businesses to the public. The information which companies are required to submit to the SEC and *pay a substantial fee to submit* are *supposed* to be "available" to the public. Reading rooms in D.C. and New York don't really meet that requirement and there is no longer any excuse for the SEC not to meet its public information obligations by making electronically filed documents available electronically. ( On fees, I noted a Berkshire Hathaway 13D that had a fee of about $60,000)
2. The filing fees, according to an article in the Wall St. Journal (within the last 6 months) are *substantially* in excess of the SEC costs of processing. The excess, as I recall it is in the $millions, could and should be used to fund the dissemination of this public information to the public. ( If someone has Nexis available they might check for the article and get the actual "excess" number that was cited to post here.)
3. I noted the figure of $600+ for a commercially available Microsoft 10K quoted in the web info which seems rather high. Seem to recall that annual reports (not 10k) were available through Compuserve on the Disclosure database for about $35. However, I don't believe other filings were readily available. The Edgar access via Internet Multicasting/NYU has been particularly valuable because it allowed *easy* search capability and rapid low cost data acquisition.
Sounds like it is time to get your member of Congress to put some pressure on the SEC. Scott Arighi