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: Potential and pitfalls of large language models and generative AI apps

Large language models (LLMs) and Generative AI applications are a hot topic in financial services, with vendors offering solutions, financial institutions adopting the technologies, and sceptics questioning their outcomes. That said, they are here to stay, and it may be that early adopters of Generative AI apps could gain not only operational benefits, but also...

BLOG

ESG Data &Tech Summit London 2024 to Shine Light on Changing Industry

What a difference a year makes. As A-Team Group prepares for its third annual ESG Data and Tech Summit London in May, we find ourselves at a pivotal moment in the evolution of sustainable market data. In March 2022, we were anticipating momentous change. After years of growth in sustainable markets, participants were braced for a slew...

EVENT

RegTech Summit New York

Now in its 8th year, the RegTech Summit in New York will bring together the regtech ecosystem to explore how the North American capital markets financial industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

Putting the LEI into Practice

Hundreds of thousands of pre-Legal Entity Identifiers (LEIs) have been issued by pre-Local Operating Units (LOUs) in the Global LEI System (GLEIS), and the standard entity identifier has been mandated for use by regulators in both the US and Europe. As more pre-LEIs are issued ahead of the establishment of the global systems’ Central Operating...