SEC proposes XBRL for FOCUS report
The Securities and Exchange Commission (SEC) has proposed a new rule proposal Electronic Submission of Certain Materials Under the Securities Exchange Act of 1934; Amendments Regarding the FOCUS Report, which would introduce XBRL for certain reports.
The new rule would require electronic filing and XBRL-based structured data for certain forms, including those filed by self-regulatory organisations, broker-dealers, security-based swap dealers, and major security-based swap participants. The proposal would also require the withdrawal of certain notices filed in connection with an exception to counting certain dealing transactions toward determining whether a person is a security-based swap dealer.
The aim is to increase the efficiency and accessibility of submission of certain forms, and, through the introduction of structured data, to make it easier for investors to analyse the information.
The SEC is encouraging public comments on the proposal until 22 May 2023.
Read more here.