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Public Offering Late Filings Report

FINRA Rule 5110(b)(4)(A) requires documents and information for public offerings of securities be submitted to FINRA's Public Offering System no later than one business day after any such documents are filed with or submitted to the SEC or any state securities commission or other regulatory authority.  The Corporate Financing Public Offering Late Filings Report, published on a monthly basis, is provided to support a firm's monitoring of this requirement.  

The report allows entitled individuals to see a count of filings, count of late filings, and late filing percentage for their firm and the industry as a whole.  This report also allows firms to understand if the initial or amended filing was late and the magnitude of lateness. Firms have the ability to see the report analyses for filings in which they are considered the lead or for all filings in which they are a party.  

This report is produced at the beginning of each month.  Users who have a report to view and who have not opted out of notifications will receive an email indicating that new reports have been published.

Summary Report

The Corporate Financing Public Offering Late Filings Summary Report allows the user to see their firm's filing performance.   The report's default view contains filings where the firm was considered a lead participant.  By utilizing the views functionality, the report can also be displayed showing all of the filings where the firm is an involved party.  The table below provides a reference description for all of the elements found in the Corporate Financing Public Offering Late Filings Summary Report.

Term Description

Lead

A firm is considered a lead when they are assigned one of the following roles on a deal:
  • Book Runner
  • Dealer Manager
  • Lead Dealer Manager
  • Lead Financial Advisor
  • Lead Managing Underwriter
  • Lead Placement Agent
  • Lead Selected Dealer
  • Lead Selling Agent
  • Lead Solicitation Agent
  • Representative
  • Selling Agent
  • Sole Underwriter

A firm is also considered a lead if they are the only firm associated with the filing and hold the role of Finder or Syndicate.

Non-Lead Role

A firm is considered a non-lead when they are assigned one of the following roles on a deal:
  • Co-Selected Dealer
  • Co-Financial Advisor
  • Co-Managing Underwriter
  • Co-Placement Agent
  • Co-Selling Agent
  • Co-Dealer Manager
  • Co-Solicitation Agent
  • Syndicate (if there is another firm with a lead role on the deal)
  • Finder (if there is another firm with a lead role on the deal)

Month

The month and year when the submission was made to the Public Offering System.

Total Filings Count

Total number of non-exempt filings submitted by the firm.

Late Filings Count

Total number of non-exempt filings submitted by the firm  more than 1 business days after submission to the SEC.

Late Filing Percentage

Total number of late filings submitted for the month divided by the number of non-exempt filings submitted during the month.

Rank

This is the rank for the firm relative to all other firms in the industry.  The rank is based on the late filing percentage for the time period. Firms with the lowest percentage of late filings in a given month will have the highest rank (i.e. rank #1 has fewest percentage of late trades).

Firms Count Industry

Number of firms that had at least 1 non-exempt filings to the Public Offering System during the time period.

Total Filings Count Industry

Total number of non-exempt filings submitted by all firms.

Late Filings Count Industry

Total number of non-exempt filings submitted by all firms more than 1 business days after submission to the SEC.

Late Filing Percentage Industry

Total number of late filings submitted by all firms for the month divided by the number of non-exempt filings submitted by all firms during the month.

Late Initial Filings

The number of late filings of the following document type:

  • 1-A
  • S-B
  • 424B4
  • 424B2
  • N-2
  • 424B5
  • S-1MEF
  • F-1MEF
  • F-1
  • 424B3
  • 424B1
  • S-1
  • 424B7
  • 497
  • S-11
  • 424B7
  • 497
  • S-11
  • SUPPL
  • N-2MEF
  • F-10
  • S-11MEF
  • DRS
  • 424A

Late Amended Filings

The number of late filings of the following document type:
  • 1-A/A
  • 1-A/POS
  • S-B/A
  • S-1/A
  • F-1/A
  • POS AM
  • POS 8C
  • S-11/A
  • N-2/A
  • POS EX
  • DRS/A
  • F-10/A
  • F-3
  • 486BPOS
  • F-3/A
  • F-10POS
  • POS462B

Lateness Magnitude 1-3 days

A count of filings that were submitted to FINRA 1 to 3 days after submission to the SEC.

Lateness Magnitude 4-10 days

A count of filings that were submitted to FINRA 4 to 10 days after submission to the SEC.

Lateness Magnitude 11-30 days

A count of filings that were submitted to FINRA 11 to 30 days after submission to the SEC.

Lateness Magnitude 31-59 days

A count of filings that were submitted to FINRA 31 to 59 days after submission to the SEC.

Lateness Magnitude >59 days

A count of filings that were submitted to FINRA more than 59 days after submission to the SEC.

Average Lateness

The mean value (sum of days late divided by number of late filings) of lateness for all late filings during the time period for the firm.

Median Lateness

The middle lateness value for all late filings during the time period for the firm.

Industry Average Lateness

The mean value (sum of days late divided by number of late filings) of lateness for all late filings during the time period for all firms.

Industry Median Lateness

The middle lateness value for all late filings during the time period for all firms.
 

Detail Data

The table below provides a reference description for all of the elements found in the Corporate Financing Public Offering Late Filings Detail Data.  

Term Description

Firm CRD #

Broker-Dealer CRD # for the firm responsible for the submission to FINRA's Public Offering System.

Firm Name

Broker-Dealer for the firm responsible for the submission to FINRA's Public Offering System.

Lead Indicator

Indicates if the firm was considered a lead role on the filing.

Late Indicator

Indicates if the filing was submitted greater than 1 business day from filing with the SEC.

Number of Days Late

Indicates the number of days the filing was late to the Public Offering System.

Filer Name

Name of the organization that filed on behalf of the Broker-Dealer.

Issuer Name

Name of the issuer making the public offering.

CIK Number

The Central Index Key number given by the Securities and Exchange Commission to the issuer.

Deal Id

The 5-digit sequence number assigned to each filing upon creation.

Version Number

Identifies the submission number of the filing.

SEC Registration Number

SEC identifier for the offering.

Document Type

The type of filing being made in FINRA's Public Offering System.

Accession Number

The unique number that EDGAR assigns to each submission as the submission is received.

FINRA Filing Date

Date the filing was submitted to FINRA's Public Offering System.

SEC Filing Date

Date the filing was submitted to the SEC's Edgar System.

Documented SEC Filing Date

Date filer states the filing was made to the SEC in the FINRA filing.  

Amendment Indicator

Indicates if the document type provided is considered an amendment filing.

Role

The role on the deal assigned to the firm by the filer.