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U.S. Securities and Exchange Commission

SEC News Digest

Issue 2008-161
August 19, 2008

COMMISSION ANNOUNCEMENTS

SEC Announces Successor to Edgar Database

"IDEA" Will Make Company and Fund Information Interactive

Securities and Exchange Commission Chairman Christopher Cox today unveiled the successor to the agency's 1980s-era EDGAR database, which will give investors far faster and easier access to key financial information about public companies and mutual funds.

The new system is called IDEA, short for Interactive Data Electronic Applications. Based on a completely new architecture being built from the ground up, it will at first supplement and then eventually replace the EDGAR system. The decision to replace EDGAR marks the SEC's transition from collecting forms and documents to making the information itself freely available to investors to give them better and more up-to-date financial disclosure in a form they can readily use.

Currently, most SEC filings are available only in government-prescribed forms through EDGAR. Investors looking for information must sift through one form at a time, and then re-keyboard the information - a painstaking task. With IDEA, investors will be able to instantly collate information from thousands of companies and forms, and create reports and analysis on the fly, in any way they choose.

IDEA will ensure that both the SEC and the investors who rely upon the financial reporting the agency demands are ready for the new world of financial disclosure that will soon arrive when financial information is presented in interactive data format. The SEC has formally proposed requiring U.S. companies to provide financial information using interactive data beginning as early as next year, and separately has proposed requiring mutual funds to submit their public filings using interactive data.

"IDEA will ensure that the SEC continues to stay ahead of the needs of investors," said Chairman Cox. "This new SEC resource powered by interactive data will give investors far faster, more accurate, and more meaningful information about the companies and mutual funds they own. IDEA's launch represents a fundamental change in the way the SEC collects and publishes company and fund information - and in the way that investors will be able to use it."

Interactive data relies on computer "tags," similar in function to bar codes, which identify individual items in a company's financial disclosures. With every number on an income statement or balance sheet individually labeled, information about thousands of companies contained on thousands of forms could be easily searched on the Internet, downloaded into spreadsheets, reorganized in databases, and put to any number of other comparative and analytical uses by investors, analysts, journalists, and financial intermediaries.

The ease with which interactive data will make financial information available also is expected to generate many new Web-based services and products for investors.

As he unveiled the new IDEA platform at a Washington news conference today, Chairman Cox announced that the IDEA logo will begin to appear immediately on the SEC's Web site as the agency transitions to making IDEA the new primary source for all SEC filings. Companies' interactive data filings are expected to be available through IDEA beginning late this year.

Investors and others who currently use EDGAR will be able to continue doing so for the indefinite future. During the transition to IDEA, investors will be able to take advantage of new interactive, IDEA-like features that will be grafted onto EDGAR in the short run. This will make it possible for investors to tap IDEA's advanced search capabilities, and to use the information from EDGAR within spreadsheets and analytical software - something that was never possible with EDGAR. The EDGAR database also will continue to be available as an archive of company filings for past years.

"When Congress created the SEC, and even when EDGAR was launched, the markets worked on paper and by mail. Today, the marketplace works online and by e-mail," explained disclosure and transparency expert Dr. William D. Lutz, who is leading the SEC's 21st Century Disclosure Initiative. "Companies and investors alike compile, analyze, and produce information and reports electronically. With the move to an electronic data-based filing system, the SEC will not only keep pace with the markets, but will provide investors with a dynamic system they can use to get the information they need, rather than having to wade through an avalanche of paper forms, legalese, and doublespeak."

David Blaszkowsky, Director of the SEC's Office of Interactive Disclosure, added, "After 75 years of document-based static financial reporting, whether in paper documents or in electronic equivalents, it is exciting to see the SEC poised to cross the 'data threshold' and help investors receive financial information that is dynamic, usable and ready to go as they make their investment decisions. And when the investor wins, so does the public company, fund, or other filer who simultaneously benefits from greater transparency and trust in our markets. By tapping the power of interactive data to tear down barriers to quick and meaningful investment information, markets can become fairer and more efficient while investors can possess far better quality data than was ever possible before." (Press Rel. 2008-179)


Securities and Exchange Commission Suspends Trading in Eight Issuers for Failure to Make Required Periodic Filings

The U.S. Securities and Exchange Commission announced the temporary suspension of trading of the securities of the following issuers, commencing at 9:30 a.m. EDT on Aug. 19, 2008 and terminating at 11:59 p.m. EDT on Sept. 2, 2008:

  • Atomic Burrito, Inc. (ATOM)
  • Earthcare Co. (ECCOQ)
  • Global Concepts, Ltd. (GCCP)
  • New York Bagel Enterprises, Inc. (NYBSQ)
  • Precept Business Services, Inc. (PBSI)
  • Reorganized Sale OKWD, Inc. (OKWHQ)
  • Villageworld.com, Inc. (n/k/a Biometrics 2000 Corp.) (BTOO)
  • Wireless Webconnect!, Inc. (WWCO)

The Commission temporarily suspended trading in the securities of the companies due to a lack of current and accurate information about the companies because they have not filed periodic reports with the Commission for over two years. This order was entered pursuant to Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act).

The Commission cautions brokers, dealers, shareholders and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by these companies.

Brokers and dealers should be alert to the fact that, pursuant to Exchange Act Rule 15c2-11, at the termination of the trading suspension, no quotation may be entered relating to the securities of the subject companies unless and until the broker or dealer has strictly complied with all of the provisions of the rule. If any broker or dealer is uncertain as to what is required by the rule, it should refrain from entering quotations relating to the securities of these companies that have been subject to a trading suspension until such time as it has familiarized itself with the rule and is certain that all of its provisions have been met. Any broker or dealer with questions regarding the rule should contact the staff of the Securities and Exchange Commission in Washington, DC at (202) 551-5720. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action.

If any broker, dealer or other person has any information which may relate to this matter, they should immediately communicate it to the Delinquent Filings Branch of the Division of Enforcement at (202) 551-5466, or by e-mail at DelinquentFilings@sec.gov. (Rel. 34-58381)


Securities and Exchange Commission Suspends Trading in Three Issuers for Failure to Make Required Periodic Filings

The U.S. Securities and Exchange Commission announced the temporary suspension of trading in the securities of the following issuers, commencing at 9:30 a.m. EDT on Aug. 19, 2008 and terminating at 11:59 p.m. EDT on Sept. 2, 2008.

  • Ocean Resources, Inc. (OCRI)
  • Officeland, Inc. (OFLD)
  • Online Gaming Systems Ltd. (n/k/a Advanced Resources Group Ltd. (AVRG)
  • Open EC Technologies, Inc. (OCEIF)
  • OVM International Holding Corp. (OVMI)

The Commission temporarily suspended trading in the securities of these five issuers due to a lack of current and accurate information about the companies because they have not filed periodic reports with the Commission in over one year. This order was entered pursuant to Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act).

The Commission cautions brokers, dealers, shareholders and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by these companies.

Brokers and dealers should be alert to the fact that, pursuant to Exchange Act Rule 15c2-11, at the termination of the trading suspensions, no quotation may be entered relating to the securities of the subject company unless and until the broker or dealer has strictly complied with all of the provisions of the rule. If any broker or dealer is uncertain as to what is required by the rule, it should refrain from entering quotations relating to the securities of these companies that have been subject to a trading suspension until such time as it has familiarized itself with the rule and is certain that all of its provisions have been met. Any broker or dealer with questions regarding the rule should contact the staff of the Securities and Exchange Commission in Washington, DC at (202) 551-5720. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action.

If any broker, dealer or other person has any information which may relate to this matter, they should immediately communicate it to the Delinquent Filings Branch of the Division of Enforcement at (202) 551-5466, or by e-mail at DelinquentFilings@sec.gov. (Rel. 34-58383)


RULES AND RELATED MATTERS

Notice of Findings, Opinion, and Order of the Commission

The Commission has approved a Form 1 application submitted by BATS Exchange seeking registration as a national securities exchange pursuant to Section 6 of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of August 18. (Rel. 34-58375)


ENFORCEMENT PROCEEDINGS

Commission Orders Hearings on Registration Suspension or Revocation Against Eight Companies for Failure to Make Required Periodic Filings

On August 19, the Commission instituted public administrative proceedings against the following eight companies to determine whether the registration of each class of their securities should be revoked or suspended for a period not exceeding twelve months for failure to file required periodic reports:

  • Atomic Burrito, Inc. (ATOM)
  • Earthcare Co. (ECCOQ)
  • Global Concepts, Ltd. (GCCP)
  • New York Bagel Enterprises, Inc. (NYBSQ)
  • Precept Business Services, Inc. (PBSI)
  • Reorganized Sale OKWD, Inc. (OKWHQ)
  • Villageworld.com, Inc. (n/k/a Biometrics 2000 Corp.) (BTOO)
  • Wireless Webconnect!, Inc. (WWCO)

In this Order, the Division of Enforcement (Division) alleges that the eight issuers are delinquent in their required periodic filings with the Commission.

In this proceeding, instituted pursuant to Exchange Act Section 12(j), a hearing will be scheduled before an Administrative Law Judge. At the hearing, the judge will hear evidence from the Division and the respondents to determine whether the allegations of the Division contained in the Order, which the Division alleges constitute failures to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 thereunder, are true. The judge in the proceeding will then determine whether the registrations pursuant to Exchange Act Section 12 of the securities of these respondents should be revoked or suspended for a period not exceeding twelve months. The Commission ordered that the Administrative Law Judge in this proceeding issue an initial decision not later than 120 days from the date of service of the order instituting proceedings. (Rel. 34-58382; File No. 3-13138)


Commission Orders Hearings on Registration Suspension or Revocation Against Five Companies for Failure to Make Required Periodic Filings

In conjunction with today's trading suspension, the Commission today also instituted a public administrative proceeding to determine whether to revoke or suspend for a period not exceeding twelve months the registration of each class of the securities of five companies for failure to make required periodic filings with the Commission:

  • Ocean Resources, Inc. (OCRI)
  • Officeland, Inc. (OFLD)
  • Online Gaming Systems Ltd. (n/k/a Advanced Resources Group Ltd. (AVRG)
  • Open EC Technologies, Inc. (OCEIF)
  • OVM International Holding Corp. (OVMI)

In the Order, the Division of Enforcement (Division) alleges that the respective respondents are delinquent in their required periodic filings with the Commission.

In this proceeding, instituted pursuant to Exchange Act Section 12(j), a hearing will be scheduled before an Administrative Law Judge. At the hearing, the judge will hear evidence from the Division and the respondents to determine whether the allegations of the Division contained in the Order, which the Division alleges constitute failures to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 or 13a-16 thereunder, are true. The judge in the proceeding will then determine whether the registrations pursuant to Exchange Act Section 12 of the securities of these respondents should be revoked or suspended for a period not exceeding twelve months. The Commission ordered that the Administrative Law Judge issue an initial decision not later than 120 days from the date of service of the order instituting proceedings. (Rel. 34-58384; File No. 3-13139)


SELF-REGULATORY ORGANIZATIONS

Approval of Proposed Rule Change

The Commission granted approval of a proposed rule change (SR-NYSEArca-2008-70) submitted by NYSE Arca, through its wholly owned subsidiary, NYSE Arca Equities, Inc., pursuant to Rule 19b-4 under the Securities Exchange Act of 1934, amending NYSE Arca Equities Rule 5.2(j)((6)(B)(I), the Generic Listing Standard for Equity Index-Linked Securities. Publication is expected in the Federal Register during the week of August 18. (Rel. 34-58376)


SECURITIES ACT REGISTRATIONS


RECENT 8K FILINGS

 

http://www.sec.gov/news/digest/2008/dig081908.htm


Modified: 05/22/2009