The SEC's new rule amendment requiring issuers that present exhibits in numerous regulatory forms to begin providing active hyperlinks to any exhibits mentioned is creating plenty of headaches. The confusion is particularly acute because larger issuers are required to begin adhering to the SEC's new hyperlinking rule by September 1, 2017.To answer some common questions, Donnelley Financial Solutions just published a brief new white paper: "Preparing to Hyperlink: Ten Helpful Tips That All Issuers Should Know."Here's a sample of the advice provided in the white paper:** What is the full list of forms for which hyperlinks will soon be required for U.S. issuers under Item 601 of Regulation S-K? The list is quite lengthy: S-1, S-3, S-4, S-8, S-11, F-1, F-3, F-4, SF-1, SF-3, 10, 10-K, 10-Q, 8-K and 10-D.** May issuers filing on EDGAR continue to use ASCII? Although many issuers are using HyperText Markup Language, otherwise known as "HTML," some have stuck with ASCII. Those issuers will need to begin a transition to HTML but have a year after the final rules go into effect to do so. Issuers can choose to continue using ASCII for proxies and forms that are not subject to the exhibit filing requirements under Item 601.** Can an issuer link to an external website? No. The SEC reminded issuers that EDGAR does not accept documents with hyperlinks to external websites.View the full version of our complimentary white paper.
