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: Navigating a Complex World: Best Data Practices in Sanctions Screening

As rising geopolitical uncertainty prompts an intensification in the complexity and volume of global economic and financial sanctions, banks and financial institutions are faced with a daunting set of new compliance challenges. The risk of inadvertently engaging with sanctioned securities has never been higher and the penalties for doing so are harsh. Traditional sanctions screening...

BLOG

ISDA Finds GenAI Highly Accurate in Contracts Process but Stresses Need for Good Data

The International Swaps and Derivatives Association (ISDA) has found that a range of generative artificial intelligence models can achieve a very high level of accuracy in extracting and standardising contract details into digital form. The findings suggest that AI can be deployed to reduce time and resources as well as risks when processing data within...

EVENT

TradingTech Summit New York

Our TradingTech Briefing in New York is aimed at senior-level decision makers in trading technology, electronic execution, trading architecture and offers a day packed with insight from practitioners and from innovative suppliers happy to share their experiences in dealing with the enterprise challenges facing our marketplace.

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,...