The Securities and Exchange Commission (SEC) held an open meeting to discuss amendments to require broker dealers and other registrants to electronically file certain forms that are currently allowed to be submitted in paper format. All SEC commissioners unanimously supported the proposal. Comments are due 60 days after publication in the Federal Register or May 22, 2023, whichever is later. Requirements specific to data standards are referenced in the proposal as follows (read the full section on Structured Data Requirements starting on page 17):
Specifically, the Commission is proposing to require the report required by Exchange Act Rule 15fk-1(c)(2)(ii)(A) and portions of Form 1, Form CA-1, Form 17-H, and Form X-17A-5 Part III and related annual filings to be provided in the Inline eXtensible Business Reporting Language (“Inline XBRL”) structured data language. The Commission is also proposing to require Form X-17A-19, the notice to the Commission (and any amendments to the notices) required by Exchange Act Rule 15fi-3(c), and portions of Form 1-N, Form 15A, Form 1, Form CA-1, Form 17-H, and Form X-17A-5 Part III and related annual filings to be provided in machine-readable, eXtensible Markup Language (“XML”)-based data languages specific to those documents (“custom XMLs”). As noted, these structured documents would be filed or submitted on EDGAR.
In addition, the Commission is proposing to require SROs to electronically post the information required under Rule 19b-4(e) using a custom XML-based data language (also referred to as a “schema”) that the Commission would create and publish on its website for SROs to use. The Commission is also proposing to require SROs to post a rendered Portable Digital Format (“PDF”) version of the custom XML document using a PDF renderer that the Commission would also create and publish on its website for SROs to use.
Read the proposal.
Read the fact sheet.
Read Chair Gensler’s comments.
