Filing with the Securities and Exchange Commission has never been something that attorneys look forward to. It tends to be slow and drawn out, like much of the legal process. However, there is good news on the horizon.
San Diego's SEC Connect is displaying a web-based platform that will simplify the way in house counsel, law firms and companies file forms with the SEC. The program is being unveiled at the 49th Annual corporate Counsel Institute in Chicago. It was created by Daniel W. Rumsey, the founder of SEC Connect and the new program, the "Disclosure, Collaboration and Filing System," or DCAF.
Rumsey was a corporate finance attorney with the SEC in the late 1980s before becoming an entrepreneur. He founded an educational software company and sold it in the 1990s. He now serves on several boards for public companies. He says that he created the program due to the frustrations he felt were inherent in the process for filing documents with the SEC.
He lamented the enormous costs that companies were facing in order to comply with the rules of the SEC. He designed DCAF, creating features designed for use in law firms and businesses. The program is designed to be a comprehensive but simple system.
"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...they can also substantially reduce the time required to comply with the current reporting obligations ... DCAF is a product of my over 25 years of experience advising public companies... It incorporates everything I ever wanted in a filing platform that simplifies the reporting process for my clients while significantly increasing my efficiency."
If your practice deals with the SEC, this is something that you will definitely want to check out, post haste. It isn't everyday that a major regulatory agency becomes drastically easier to deal with.