SEC debuts e-filing for mutual funds

The Securities and Exchange Commission today has begun its voluntary electronic filing program for mutual funds. The program allows companies to submit XBRL-tagged risk/return summary information from their prospectuses. A 2003 SEC rule requires electronic filing for officers, directors and principal security holders, but supporters of the new program say those financial statements are not as valuable to mutual funds as they were for operating companies, which discouraged unregulated fund companies from filing. The new, voluntary program focuses on risk/return summaries, which are more important to mutual funds, thus providing companies an incentive to file with the SEC. Supporters say the system will improve fund companies’ efficiency by automating the reporting process, and will give financial advisors and investors better access to funds’ risks, cost and past performance, according to s statement from Confluence, which provides automated data management solutions for the investment management industry, including Quick Tag, which will enable them to participate in the SEC program. For more information, go to the SEC’s Information for EDGAR Filers website.