Regular visitors to SEC.gov know this already, but the Commission has reformatted and reorganized its website. SEC practitioners everywhere have long recognized the site as an indispensable resource. Users are afforded instantaneous access at no cost to vast amounts of information. First, there is EDGAR, the electronic filing system created in the early eighties under Chairman John Shad, where anyone with internet access may see almost all filings made by regulated parties under the four statutes administered by the Commission. More valuable for securities law is the impressive collection of substantive materials—the statutes themselves, all the regulations, and guidance from the Commission and its staff including releases, no-action correspondence, and other published interpretations.

The changes, announced in a July 2 press release, are intended to align with the policies promoted by the 21^st Century Integrated Digital Experience Act (also known as the “21^st Century IDEA”), the 2018 enactment calling for new and redesigned websites created by executive agencies for use by the public follow prescribed design principles. The SEC’s announcement states that the actions improve the site’s responsiveness, mobile usability, and search capabilities. Two external features are highlighted. “Quick Links” are intended to afford better access to “the most sought-after content quickly.” A “Tips and Complaints” wizard is for reports of misconduct and for complaints from investors.

The redesign changes the look of the website quite a lot. The Commission’s previous homepage, which had been dominated by a photograph showing staffers at work or models portraying investors and their advisers, has been replaced by a more utilitarian design emphasizing links to other information on the site. The quick links are the most prominent part of the display, linking to EDGAR and to information on rulemaking, investor education, enforcement news, SEC votes (a puzzling inclusion), and to statutes and regulations. Homepages of the Commission’s operating divisions—Corporation Finance, Enforcement, Investment Management, and Trading and Markets—have been redesigned along similar lines.

So, is the project a success? My initial answer is mostly yes. The most critical point for most practitioners is that nothing of substance appears to have been removed. EDGAR is intact, remaining accessible in its current incarnation and through its “classic version,” which lists filings chronologically going back to the beginning of the regulated party’s entry into the system. Statutes, regulations, and agency guidance are likewise readily available. My not-very-scientific impression of the claimed improvements for the site’s search features is favorable. Searching “Item 407” on EDGAR, for example, instantly produced 10,000 hits.  Forms aren’t easy to find on the Commission homepage. The homepages for Corporation Finance and Trading and Markets have conspicuous links to the forms administered by those divisions. The same is not true for the Investment Company Act and Advisers Act forms.  There is some redundancy in the linkages the redesigned website offers, but the overlaps may make finding information easier for new users. All in all, the SEC appears to have achieved its objectives with a better SEC.gov.

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