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The European Commission (EC) has announced a public consultation paper, EFRAG Due Process Procedures on EU Sustainability Reporting Standard-Setting, that outlines requirements that will be followed in the European Financial Reporting Advisory Group’s (EFRAG) role as technical advisor to the EC in preparation for Sustainability Reporting Standards. EFRAG has been tasked with developing the draft […more]
XBRL US submitted a comment letter in response to the Securities and Exchange Commission (SEC) extension of data collection of Rule 17g-7 regarding disclosure requirements for credit rating agencies (Nationally Recognized Statistical Rating Organizations (NRSRO)). Credit ratings agencies today are required to report ratings data in XBRL format. Our letter expressed support for the continuation […more]
The Securities and Exchange Commission (SEC) announced that they will be conducting a pilot phase to implement their final rule, Securities Offering Reform for Closed-End Investment Companies. The pilot phase will start with the next major EDGAR system update in September 2021 for a 4 month period (ending January 31, 2022). The Closed-End Investment Company […more]
XBRL US submitted a letter responding to the Securities and Exchange Commission (SEC) request for input on Climate Change Disclosures. Key recommendations made in the letter: The SEC should play a key role in the process of standardizing climate-related disclosures, to ensure that standards set globally are suited for U.S. listed companies, as many U.S. […more]
XBRL US submitted a letter to the Federal Energy Regulatory Commission (FERC) in response to their request for comment on Data Collection for Analytics and Surveillance and Market-Based Rate Purposes. The focus of the XBRL US letter was on the section in the proposal that market-based rate sellers provide utility identifiers for certain upstream affiliates […more]
SEC Commissioner Allison Herren Lee’s speech, Living in a Material World: Myths and Misconceptions about “Materiality”, addressed, among other topics, the importance of the investor in determining what is “material” and should be disclosed, including ESG-related data. The commissioner’s talk concluded with these remarks: “We must not operate under the false assumption that the securities laws […more]
In this issue:
The White House published an Executive Order on Climate-Related Financial Risk, which addressed the plan to establish “…within 120 days of the date of this order, a comprehensive, Government-wide strategy regarding: (a) the measurement, assessment, mitigation, and disclosure of climate-related financial risk to Federal Government programs, assets, and liabilities in order to increase the long-term […more]
The Financial Transparency Act (FTA) was reintroduced to the 117th Congress by co-sponsors, Representatives Carolyn Maloney (D-NY) and Patrick McHenry (R-NC) as H.R. 2989. If passed, the FTA will improve government operating efficiency by streamlining regulatory reporting. It calls for eight financial regulatory agencies of the U.S. Financial Oversight Council (FSOC) to adopt and apply […more]
On April 27, 2021, the Securities and Exchange Commission published their proposed collection and comment request on the existing collection of information from Nationally Recognized Statistical Rating Organizations (NRSRO) to the Federal Register. NRSROs are required to disclose credit rating histories in XBRL format using the SEC’s Record of Credit Ratings Taxonomy. Comments are due […more]
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