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My first securities filing

I did my first securities filings last week!

(You can tell you're still in the honeymoon phase of your job when you get excited over email from the SEC.)

It was a little frustrating because everything got done at the last minute, so I was sweating over each delay in the process. And of course, I couldn't anticipate the points of delay, having never done this before.

So here's what I learned:

1. Immediately after the closing, figure out exactly what needs to be filed with the SEC and states. For state blue sky stuff, look in the giant books. Do not rely on the Internet.

2. Fill out a preliminary version of all documents, resolving any questions that come up.

3. Gather everything that needs the client's signature and send it to them in a packet.

4. Fill out electronic versions of the SEC documents and any state documents that require electronic filing. You can save them without submitting, so that later you can go back and just submit when you're ready.

5. When in doubt, call the securities agency and ask for help.

I have to thank Linda Babcock for #5. At one point, I needed SEC approval for a form I submitted before I could move on. I called up and they told me it should get done by the end of the day. A previous version of me would have thanked them, hung up, and bitten my nails praying it would get done on time. Instead, I told them I needed it done right away and asked if they could expedite the process. The guy said, "Hold on," and then came back and said they could do it in an hour. When an hour passed and nothing happened, I called again. The woman I talked to sounded annoyed, BUT she made sure that it was processed immediately, while we were on the phone. Asking for what you need: what a concept.

Now that I've done it once, I feel much more confident about the next time.

Full post as published by Magic Cookie on March 23, 2009 (boomark / email).