EDGAR Online of Norwalk, Conn., in partnership with National Filing Service of New York, began offering a new service June 14 that will enable companies to file their Schedule 13D and 13G documents via the Internet. The SEC requires individuals or companies to file such documents once they acquire more than five percent of a company.
With the new File Direct system, documents are sent via the Internet to National Filing Service, which then sends them to the SEC via a direct, high-speed connection.
EDGAR Online is charging $99.95 for the first two filings and $175 for each subsequent filing. Jay Sears, vice president of marketing and product development for EDGAR Online, estimates that without this electronic system, companies customarily have spent $350 to $700 of salaried employees' time for each direct filing.
EDGAR Online plans to extend File Direct for the submission of other required SEC documents by the end of the year.