On Friday, May 18, XBRL US submitted a letter commenting on the SEC proposal on Investment Company Liquidity Disclosure.
The Commission’s proposal expands on the disclosure rules for investment companies which were modernized through a final ruling on October 13, 2016. In that final ruling, Investment Company Reporting Modernization, the Commission revised disclosure requirements for investment companies, and required that the data be made available in structured data format. While they considered choosing the XBRL standard, ultimately the Commission opted for the development of an XML schema.
This letter provides feedback to the latest SEC proposal on Investment Company Liquidity Disclosure, and also expresses our concerns about the decision to choose XML over XBRL in the final ruling made on October 13, 2016. We strongly urge the Commission to reconsider XBRL instead of XML, in particular given recent developments around XBRL since that ruling was made final in 2016.
Read the letter: XBRL US Comment Letter RE Release No. IC-33046; File No. S7-04-18