About a-team Marketing Services
The knowledge platform for the financial technology industry

A-Team Insight Blogs

SEC Confirms US Companies Required to File Financial Reports Using XBRL in 2009

Subscribe to our newsletter

Originally appeared in MiFID Monitor

The US Securities and Exchange Commission (SEC) has confirmed that from mid-next year large public corporations and mutual fund companies will be required to submit their financial reports in extensible business reporting language (XBRL). The move, which was initially proposed in May, is aimed at making it easier for investors to read and analyse the data provided, says the regulator.

The SEC voted 4-1 to require 500 of the largest public companies to begin filing financial reports in XBRL in June next year. The rest of the companies using accelerated filing will be phased in over a two year period and a final group will be moved over in 2011, according to the regulator.

The regulator also voted 4-1 in favour of requiring mutual funds to file their risk and return information using XBRL to make it easier for investors to analyse funds’ performance, risk and fees. These funds will now be required to move over to XBRL by 2011.

SEC chairman Christopher Cox has been championing the introduction of XBRL for some time and reckons it is a giant step forward in the regulator’s mission to achieve full disclosure. “Data analysis is faster and more accurate than document analysis and this move will help today’s markets recover from a dearth of confidence,” he says.

XBRL has also been mooted for the corporate actions sector and the DTCC, Swift and XBRL are currently working on plans to introduce it to the issuer messaging space in the future.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: The ROI of Data Trust: Quantifying the Business Value of Data Observability

Data is the fuel that keeps modern financial institutions’ motors running but if that data can’t be trusted then the decisions made based upon it, or the uses to which its put, will be compromised. That’s especially important for data that’s fed into artificial intelligence models. If the data isn’t clean, accurate and complete, then...

BLOG

Closing the AI Gap: Why Financial Institutions Must Move Beyond Pilots to Enterprise-Scale Impact

By Ravi Sidhu, UK&I risk and compliance solutions at Dun & Bradstreet. AI enthusiasm across financial services is at an all-time high, but measurable enterprise-wide success remains elusive. While UK businesses are moving quickly in AI readiness, with 52 per cent already using third-party AI platforms or modern cloud-native infrastructure to deploy AI workloads at...

EVENT

Buy AND Build: The Future of Capital Markets Technology

Buy AND Build: The Future of Capital Markets Technology London examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

AI in Capital Markets Handbook 2026

AI adoption in capital markets has moved into a more disciplined phase. The priority is now controlled deployment: where AI can be used safely, where it can deliver measurable value, and how outputs can be governed, monitored and evidenced. The 2026 edition of the AI in Capital Markets Handbook examines how AI is being applied...