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

Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale
Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale

RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.

Beyond wealth management: Why the future of advice is becoming more human
Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up
Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up

Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.

UBS loses $1.2 million arbitration claim linked to variable annuities and margin
UBS loses $1.2 million arbitration claim linked to variable annuities and margin

UBS has a history of costly litigation stemming from the sale of volatile investment products.

'We are monitoring the situation,' SEC says of private funds
'We are monitoring the situation,' SEC says of private funds

New director David Woodcock puts firms on notice over fees, conflicts, and liquidity risk as private credit shows signs of stress.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline