To explore the impact of the Financial Data Transparency Act (FDTA) of 2022, XBRL US will hold a webinar that will feature discussions with municipal bond investors who will share their views on what data they use, what kind of issuers they follow, and how access to digitized municipal bond issuer data could change how they work. The FDTA requires disclosures from municipal bond issuers to be made available to investors and other data users in a searchable, machine-readable and structured format. Municipal bond investors will also share insights on the technology impact of data standards, machine-learning, and artificial intelligence on the municipal marketplace. The virtual seminar will take place on January 17, 2024, from 3:00 p.m. – 4:00 p.m. ET. {expires: 2023-01-18} Continue reading "XBRL US Webinar: FDTA Impact on Municipal Bond..." »

On December 15th, the SEC announced that it adopted rule amendments related to the settlement cycle for most broker-dealer transactions, the processing of institutional trades by broker-dealers and certain clearing agencies, and certain record maintenance requirements applicable to registered investment advisers. For further details, see the Shortening the Securities Transaction Settlement Cycle final rule. Continue reading "SEC Releases Draft 2024 Self-Regulatory..." »

On Friday, December 22, 2023, the EDGAR Filing Fee Beta will close. The Beta has provided the public with an environment to test EDGAR changes related to the technical and structured data aspects of the Filing Fee Disclosure and Payment Methods Modernization rule. Participants are encouraged to complete testing and submit feedback via email to FilingFeeBetaFeedback@sec.gov before the Filing Fee Beta closes. The SEC does not plan to offer an additional EDGAR Filing Fee Beta system prior to the upcoming compliance dates. {expires: 2023-12-23} Continue reading "Reminder: EDGAR Filing Fee Beta Ending Soon" »

On November 2nd, the Financial Accounting Standards Board (FASB) staff released for public comment proposed improvements for references in the 2024 US GAAP Financial Reporting Taxonomy and the related release notes. As part of the FASB staff’s ongoing efforts to review the taxonomy references for further improvement, the proposed improvements would, among other things, add references to sections 45, 50, and S99 of certain accounting topics in the FASB’s Accounting Standards Codification. Continue reading "FASB Issues Improvements for 2024 US GAAP..." »

On November 3rd, the SEC’s Division of Economic and Risk Analysis (DERA) concluded its assessment of how filers label the elements used in tagging reported items on the income statement over multiple periods. Staff noted that some filers use various labels for the same element used to tag the same reported item on the income statement from one period to the next. This even occurred when the description of the reported item did not change. More specifically, filers used one label in a certain form (such as Form 10-Q) while using a different label for the same element in a different form (such as Form 10-K). For instance, the element “Revenue from Contract with Customer, Excluding Assessed Tax” should not use the label “Operating revenue” on Form 10-Q while using the label “Total operating revenue” on Form 10-K. Continue reading "SEC Releases Findings from Evaluation of..." »

On November 2nd, the SEC adopted Regulation SE under the Securities Exchange Act of 1934, which establishes the process for an entity to register with the SEC as a security-based swap (SBS) execution facility (collectively, SBSEF) and introduces a new form required for registration. The adopted regime is one of a number of major reforms required under Title VII of the Dodd-Frank Act, which is the legislation that improved transparency and oversight of the over-the-counter derivatives market by requiring the SEC to employ a regulatory framework for SBSs that requires the registration and regulation of SBSEFs. Continue reading "SEC Approves Rules to Reform Registration and..." »

On October 19th, the FERC proposed a number of updates to the existing Electric Quarterly Report (EQR) filing requirements, including both the method of collection and the data being collected. The FERC also is proposing to adopt a new EQR system based on eXtensible Business Reporting Language-Comma-Separated Values (XBRL-CSV) standard. Continue reading "FERC Proposes Revisions to the Filing Process..." »

On October 18th, the SEC announced that it is proposing new Rule 6b-1 under the Securities Exchange Act of 1934 that would prohibit national securities exchanges from offering volume-based transaction pricing in connection with the execution of agency or riskless principal (agency-related) orders in certain stocks. Continue reading "SEC Announces Rule Proposal to Address..." »

On October 13th, the SEC announced that it voted to adopt Rule 10c-1a under the Securities Exchange Act of 1934 to increase transparency requirements and improve the efficacy of the securities lending market. The rule requires certain persons to report information about securities loans to a registered national securities association (RNSA). Currently, the Financial Industry Regulatory Authority (FINRA) is the only RNSA. Continue reading "SEC Approves Rule to Enhance Disclosures in the..." »

The SEC has adopted amendments to its Names Rule that addresses certain broad categories of investment company names that may mislead investors about an investment company’s investments and risks. Accordingly, the SEC has released a draft of the new Fund (FND) XBRL taxonomy. Continue reading "SEC Issues Draft 2023 Fund (FND) Taxonomy" »

The SEC announced on October 10th that it has voted to approve final rules intended to enhance disclosure requirements and provide more timely information for shareholders and the market concerning beneficial ownership. The SEC also provided guidance related to the existing legal standard regulating when two or more individuals may be considered a group and when an investor’s use of certain cash-settled derivative securities may result in the individual being treated as a beneficial owner of the class of the reference equity securities. Continue reading "SEC Approves Amendments to Rules Governing..." »

On October 6th, the Financial Accounting Standards Board (FASB) staff released proposed technical and other conforming improvements for the 2024 US Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy and the related release notes for public review and comment. Continue reading "FASB Publishes Technical and Other Improvements..." »

On September 18, 2023, the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system was updated to Release 23.3. EDGAR now supports the Share Repurchase (SHR) taxonomy which provides the elements for tagging disclosures associated with the SEC’s final rule on Share Repurchase Disclosure Modernization. Continue reading "EDGAR Upgraded to Support 2023 Share Repurchase..." »