SAN DIEGO--(BUSINESS WIRE)--Today at the 49th Annual Corporate Counsel Institute in Chicago, San Diego’s SEC Connect will unveil a new web-based platform that greatly simplifies the way public companies, in-house counsel, and their law firms file certain forms with the Securities and Exchange Commission. And with the increasing burdens facing public companies following recent SEC rule making initiatives, including those proposed as a result of the passage of the Dodd-Frank Act, that’s welcome news.
In development for over two years, the subscription-based filing platform – the Disclosure, Collaboration and Filing System, or DCAF – is the brainchild of Daniel W. Rumsey, the founder of SEC Connect. He served as a corporate finance attorney with the SEC in the late 1980s in Washington, D.C. He also founded and sold an educational software company in the 1990’s and has since served as a C-level executive and a board member for numerous public companies. Today, he leads SEC Connect, an SEC filing agent, as well as the Disclosure Law Group, which represents public companies in connection with their reporting and disclosure obligations under the Federal securities laws.
While advising public companies, he grew frustrated with the tremendous inefficiencies inherent in the current process for filing documents with the SEC, and the resulting high costs to comply with the SEC’s disclosure obligations. The absence of a comprehensive technology solution available to public companies and attorneys to address the inefficiencies was also a point of frustration.
So, Rumsey took matters into his own hands and became an entrepreneur again, founding SEC Connect and developing DCAF, incorporating features and functionality that he felt addressed the needs of law firms, public companies, their officers, directors, and institutional shareholders. The result is a comprehensive, yet simple to use filing platform incorporating features and functionality that were previously unavailable to public companies and their counsel.
“Smaller companies with limited budgets can especially benefit from DCAF,” says Rumsey. “Not only can they significantly lower their costs by bypassing the filing agents for all but the most complicated filings, they can also substantially reduce the time required to comply with the current reporting obligations imposed by the SEC.”
The DCAF filing platform is notable for its integration of numerous features and functionality designed with the specific needs of securities lawyers and other compliance professionals. DCAF possesses a sophisticated and elegant interface that allows for easy navigation throughout the website, resulting in the ability to file some of the more common reports in a fraction of the time required utilizing traditional processes. DCAF currently supports filing of Form 8-K and Section 16 forms (Form 3, 4 and 5). SEC Connect will soon release updates to DCAF to provide for the filing of additional forms, including Schedules 13D and 13G, common forms filed by institutional investors to report their ownership of public company securities.
DCAF allows users the ability to draft and file applicable reports utilizing either a template process or a direct upload to the platform. In either case, DCAF automatically converts the file to SEC-compliant HTML without the intervention of a filing agent. Accessible simply by clicking on the “Rules” icon, DCAF also incorporates applicable SEC rules, regulations and instructions that allow the user to ensure compliance with applicable disclosure requirements without ever leaving DCAF. Multiple compliance professionals can also work simultaneously and collaboratively on each filing, without having to send documents back and forth by email. But perhaps best of all, DCAF allows for desk-top filing with the SEC’s EDGAR system anywhere, anytime.
“DCAF is a product of my over 25 years of experience advising public companies,” Rumsey said. “It incorporates everything I ever wanted in a filing platform that simplifies the reporting process for my clients while significantly increasing my efficiency.”
To preview DCAF, please visit www.secconnect.com for a free demonstration.