Tuesday, June 10, 2008
The SEC has published for public comment a proposed rule on Interactive Data for Mutual Fund Risk/Return Summary. The proposed rule would require mutual funds to provide risk/return summary information to the SEC and on their Web sites in interactive data format using the eXtensible Business Reporting Language (“XBRL”). The interactive data would be provided as an exhibit to registration statements. The risk/return summary information could be downloaded directly into spreadsheets, analyzed in a variety of ways using commercial off-the-shelf software, and used within investment models in other software formats. The proposed rules are intended not only to make risk/return summary information easier for investors to analyze, but also to assist in automating regulatory filings and business information processing. The SEC is also proposing to permit investment companies to submit portfolio holdings information in its interactive data voluntary program without being required to submit other financial information. Comments on the proposed rule should be submitted on or before August 1, 2008.