About a-team Marketing Services
The knowledge platform for the financial technology industry
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: Unlocking Transparency in Private Markets: Data-Driven Strategies in Asset Management

As asset managers continue to increase their allocations in private assets, the demand for greater transparency, risk oversight, and operational efficiency is growing rapidly. Managing private markets data presents its own set of unique challenges due to a lack of transparency, disparate sources and lack of standardization. Without reliable access, your firm may face inefficiencies,...

BLOG

Anthropic’s Financial Industry Claude Iteration Aimed at Easing AI Adoption

Large language model (LLM) builder Anthropic may have the solution to assuaging financial institutions’ doubts about generative artificial intelligence deployment in their analytics and decision-making workflows, having created a model that has been designed specifically for the industry. Claude for Financial Services, part of the San Francisco-based company’s Claude for Enterprise suite, comprises capabilities that...

EVENT

TradingTech Summit London

Now in its 15th year the TradingTech Summit London brings together the European trading technology capital markets industry and 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

Regulatory Data Handbook 2025 – Thirteenth Edition

Welcome to the thirteenth edition of A-Team Group’s Regulatory Data Handbook, a unique and practical guide to capital markets regulation, regulatory change, and the data and data management requirements of compliance across Europe, the UK, US and Asia-Pacific. This year’s edition lands at a moment of accelerating regulatory divergence and intensifying data focused supervision. Inside,...