XBRL US submitted a letter in response to the SEC’s Request for Comment about the Fund Retail Investor Experience. Thanks goes to our members who joined a short-term working group to discuss and prepare the letter. The letter explains the benefits of data standards and in particular, how they benefit retail investors:
“While few retail investors will directly access financial data in XBRL format, the benefits of computer-readable data (XBRL) also benefit retail investors, in the form of more timely and affordable data from commercial data aggregator and analytical tool providers. Many retail investors obtain information they use to inform investment decisions through online, investment-related web sites, like Yahoo!Finance and commercial trading sites. The availability of structured data, which can be used by these commercial tools, means that retail investors will have faster access to data about more companies or investment funds, with reported information potentially at a more granular level.
Thus, making the data that retail investors need available in structured, standardized format, even if the individuals do not directly access that structured data from the SEC EDGAR system, will benefit retail investors who use the data downstream.”
Read the SEC RFC: https://www.sec.gov/rules/other/2018/33-10503.pdf
Read the XBRL US letter: XBRL US Comment Letter RE Fund Retail Investor Experience and Disclosure File No. S7-12-18