SEC Commissioners Unanimous: More Digital Please
This week the Securities and Exchange Commission (SEC) held an open meeting to discuss amendments that introduce electronic filing and structured data for the remaining forms required under the Exchange Act that are still submitted in paper format.
The SEC is proposing to require iXBRL for a range of annual and quarterly forms. For example, Brokers would need to submit their audit and risk assessment forms electronically.
If adopted, the process should streamline the filing process, improving efficiencies, accuracy, and accessibility of broker-filed audit reports (about half of which are still filed on paper, with some running to 100 pages long)
During the meeting, all SEC commissioners unanimously supported the proposal – a positive sign for additional digitalisation and modernisation of financial reporting in the US!
Comments are welcome and due 60 days after publication in the Federal Register or 22 May 2023, whichever is later.