System and methods for electronic securities underwriting and electronic dissemination of annual financial and disclosure information from issuers to information repositories in accordance with U.S. securities laws and regulations

• US 20030120578A1
• Filed: 12/23/2002
• Published: 06/26/2003
• Est. Priority Date: 12/21/2001
• Status: Abandoned Application

• Current Assignee: Peter Newman
• Original Assignee: Peter Newman
• Inventors: Newman, Peter
• Application Number:
  US10/326,120
• Publication Number:
  US 20030120578A1
• Time in Patent Office: Days
• US Class Current: 705/36
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

The present invention provides systems and methods for electronic underwriting of new offerings of securities in the primary market for municipalities, institutions and corporations in accordance with U.S. securities laws and regulations. The system also provides a method for those issuers to electronically disseminate annual financial information on existing securities in the secondary market to information repositories. The user can fulfill disclosure requirements for a new offering of securities by completing various forms stored on the system, including the prospectus, closing memorandum, legal opinion and purchase contract. The issuer can fulfill its disclosure obligations for existing offerings of securities by completing various forms, including secondary market disclosure forms, material events notices and financial reports such as annual reports and earnings reports. After completing the forms, the user can disseminate the information electronically to information repositories.

Claims

1. A method for electronic underwriting of new offerings of securities in the primary market in accordance with US securities laws and regulations for municipalities, institutions and corporations comprising:

a) providing at least one server and a central database, the central database containing a plurality of forms as new offering templates and active new offering forms, the forms containing a number of data fields and content;

b) providing an internal user interface in communication with the server;

b) accessing the internal user interface via a global computer network using one or more authentication steps followed by at least one user;

c) selecting one of the forms;

d) editing the selected form with one or more of data input from the at least one user or data stored on the central database;

e) storing the form on the central database for later editing or later dissemination to an interested party or the at least one user.

2. The method of claim 1, wherein the editing comprises one or more of adding data fields to the form and entering data therein, inputting data into existing data fields in the form, or editing content of the form.

3. The method of claim 1, wherein a number of forms are edited and stored for a given new offering.

4. The method of claim 1, wherein the plurality of forms further comprise one or more of a closing memoranda, a preliminary official statement, a final official Statement, a G-36 form, a legal opinion, and a purchase contract.

5. The method of claim 1, wherein a number of users access the form for editing

6. The method of claim 1, wherein common data fields are populated with data when data is input into one data field of the common data fields.

7. The method of claim 1, wherein the form is derived from critical data elements for inclusion in the data field and being stored in a database format and content files stored on a file server in HTML, wherein an XML engine combines the content files and critical data elements to produce the form.

8. The method of claim 1, further comprising:

(i) providing a plurality of disclosure forms in the central database, the disclosure forms having information required once a new offering is completed;

(ii) selecting one of the disclosure forms related to the completed new offering;

(iii) editing the disclosure form using at least data stored on the central database related to the completed new offering; and

(iv) storing the edited disclosure form on the central database for dissemination to an information repository.

9. The method of claim 8, further comprising electronically disseminating the edited disclosure form to an information repository.

10. The method of claim 9, wherein the information repository includes the Securities and Exchange Commission (SEC), the Municipal Securities Rulemaking Board (MSRB), Nationally Recognized Municipal Securities Information Repositories (NRMSIRs), and State Information Depositories (SIDs).

19. The method of claim 1, further comprising establishing a plurality of tasks to be completed in conjunction with the new offering, and displaying the tasks based on task due date, completion date, and status for tracking purposes.

21. The method of claim 1, further comprising establishing a plurality of tasks to be completed in conjunction with the new offering, displaying the tasks with a timeline for identifying task completion.

23. The method of claim 1, further comprising establishing a plurality of tasks to be completed in conjunction with the new offering, assigning the tasks to an individual from another individual, and displaying one or more of the tasks based on task due date, the task status, the individuals associated with assigning, the task subject matter of the task, and the new offering.

11. A method for electronically compiling and disseminating annual financial and disclosure information for existing offerings of securities in the secondary market in accordance with U.S. securities laws and regulations for issuers of securities such as municipalities, institutions and corporations comprising:

a) providing at least one server and a central database, the central database containing a plurality of disclosure forms in the central database, the disclosure forms having information required for the existing offering;

b) providing an internal user interface in communication with the server;

b) accessing the internal user interface via a global computer network using one or more authentication steps followed by at least one user;

c) selecting one of the forms;

d) editing the disclosure form using at least data stored on the central database related to the existing offering; and

e) storing the form on the central database for later editing or later dissemination to one or more of the at least one user or an information repository.

12. The method of claim 11, wherein the information repository includes the Securities and Exchange Commission (SEC), the Municipal Securities Rulemaking Board (MSRB), Nationally Recognized Municipal Securities Information Repositories (NRMSIRs), and State Information Depositories (SIDs).

13. The method of claim 11, wherein the disclosure form is a secondary market disclosure form, a material event notice, an annual financial report, and a financial earnings report.

14. The method of claim 11, wherein the editing comprises one or more of adding data fields to the form and entering data therein, inputting data into existing data fields in the form, or editing content of the form.

15. The method of claim 11, wherein a number of forms are edited and stored for a given new offering.

16. The method of claim 11, wherein a number of users access the form for editing.

17. The method of claim 11, wherein common data fields are populated with data when data is input into one data field of the common data fields.

18. The method of claim 11, wherein the form is derived from critical data elements for inclusion in the data field and being stored in a database format and content files stored on a file server in HTML, wherein an XML engine combines the content files and critical data elements to produce the form.

20. The method of claim 11, further comprising establishing a plurality of tasks to be completed in conjunction with the new offering, and displaying the tasks based on task due date, completion date, and status for tracking purposes.

22. The method of claim 11, further comprising establishing a plurality of tasks to be completed in conjunction with the new offering, displaying the tasks with a timeline for identifying task completion.

24. The method of claim 11, further comprising establishing a plurality of tasks to be completed in conjunction with the new offering, assigning the tasks to an individual from another individual, and displaying one or more of the tasks based on task due date, the task status, the individuals associated with assigning, the task subject matter of the task, and the new offering.

25. A computerized system for electronic underwriting of new offerings of securities in the primary market in accordance with US securities laws and regulations for municipalities, institutions and corporations and electronically compiling and disseminating annual financial and disclosure information for existing offerings of securities in the secondary market in accordance with US securities laws and regulations for issuers of securities comprising:

a user interface means for creating, editing, and disseminating information relating to new offerings and annual financial and disclosure information relating to existing offerings of securities;

server means for storing said created and edited information in a central database supported by said server;

said server means for processing user input and user commands for creating, editing, and disseminating the information, the user interface means in communication with said server means for completing the information and delivering dissemination requests to said server means;

said server means having means for delivering to said user interface means the created and edited information stored in said central database;

means for allowing simultaneous access to said server means through said user interface means by a plurality of users; and

said user interface means having electronically linked data fields means connecting to said server and said central database.

26. The system of claim 25, wherein said server means is capable of responding to said user requests and deliver dissemination reports to outside repositories, agencies, institutions and other third parties.

27. The system of claim 25, wherein said user receives electronic verification from the system once server means have responded to said user requests for delivery of dissemination reports to outside repositories, agencies, institutions and other third parties.

28. The system of claim 25, including storage of electronic verification information in the central database.

29. The system of claim 25, including said server means responding to said user requests for compliance reports of electronic verification information in the central database.

30. The system of claim 25, wherein the server further comprises:

a) a central database server and a file server, wherein data elements for creation of information are stored in the central database server, and documents for receiving the data elements for creation of the information are stored on the file server.

31. The system of claim 25, wherein the central database server stores templates related to new offerings and created information relating to new offerings and existing offerings, information related to new offerings accessible via the user interface means for creation of information related to existing offerings.

32. The system of the claim 25, wherein the information created, edited, stored, and disseminated by the user interface means includes templates, templates with one or more of added or edited data elements, and existing offering forms with one or more of added or edited data elements.