Commission OKs XBRL for funds

The SEC voted to allow mutual funds to submit data on their risks and returns in an interactive electronic format.
JUN 20, 2007
The Securities and Exchange Commission has voted to allow mutual funds to submit data on their risks and returns in its new interactive electronic format. The unanimous vote will add mutual funds to a pilot program in which a group of about 40 publicly traded companies file their financial statements in machine-readable computer language known as extensible business reporting language, or XBRL. SEC Chairman Christopher L. Cox said that it is a priority to transform its database of static electronic filings into an interactive database rich with raw data using XBRL. "Investors today are inundated with information in a form that, being charitable, is difficult to find and understand," Mr. Cox said at the open meeting, according to the report. Mutual fund information is particularly important because about half of all American households today invest in mutual funds, he said. Once XBRL data is widely available for mutual funds, investors would be able to use a simple software tool to analyze key points such as the comparative cost of two funds. Under the mutual fund pilot program, funds will be able to submit as exhibits to their registration statements electronically tagged information from the risk and return section of their prospectuses, according to the report. That section includes investment objectives and strategies, risks and costs.

Latest News

Mesirow acquires part of flexPATH in second retirement deal of 2026
Mesirow acquires part of flexPATH in second retirement deal of 2026

Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.

Advisor moves: LPL lands $350M veteran advisor duo in Florida
Advisor moves: LPL lands $350M veteran advisor duo in Florida

Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.

SEC accuses crypto firm founder of running $425 million Ponzi scheme
SEC accuses crypto firm founder of running $425 million Ponzi scheme

It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.

MassMutual Ascend tops $2 billion in RIA annuity sales as advisors warm to income products
MassMutual Ascend tops $2 billion in RIA annuity sales as advisors warm to income products

Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.

Fintech bytes: Wealth tech firms target advisor productivity with new integrations
Fintech bytes: Wealth tech firms target advisor productivity with new integrations

Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income