Comment letters are issued by SEC Division of Corporation Finance to companies requiring for an additional information or clarifications on their filings, following its iam to monitor and enhance compliance with applicable disclosure and accounting requirements.
From SEC: The Division makes this correspondence public no earlier than 20 business days after it has completed its review of a periodic or current report or declared a registration statement effective.
Company Response to Comments
A company generally responds to each comment in a letter to the staff and, if appropriate, by amending its filings. A company’s explanation or analysis of an issue will often resolve a comment. Depending on the nature of the issue, the staff’s concern, and the company’s response, the staff may issue additional comments following its review of the company’s response to its prior comments. This comment and response process continues until the staff and the company resolve the comments.
Since comment letters are of Divisions' documentations, currently it is not for public use. Only reponse letters or Correspondence of public companies are available in SEC database.
Using XBRLAnalyst, searching for comment letters can be easily done by options below:
1. Searching comment letters of a particular company
- Use Financial Explorer, type the company name, ticker oor CID, and go to third tab "SEC Filings" listing all SEC forms filed by the company. "Type" column identifies the SEC form and by clicking it, it will be alphabetically arranged. Then, it will line up all documents filed as "CORRESP". Moreover, it has option to insert in Excel as embedded word file.
2. Searching all comment letters for a particular period
This option lets you to view CORRESP of all companies in the database in a given period. Since correspondences are submitted in HTML format, you can do this by using "Screen Companies by Phrases". Type the words or phrases you wanted to search and choose "CORRESP" in the form option. Results are ranked based on best match or most keywords found. Also, it has option to insert it to Excel as embedded word file.