SEC requires iXBRL Reporting for BDCs

Posted on April 10, 2020 by Editor

It’s great to see that the US Securities and Exchange Commission (SEC) is doubling down on its commitment to digital disclosures across a wide area. This week the SEC adopted an amendment mandating Inline XBRL reporting for closed-end investment companies. Today’s modern securities regulators need well defined, searchable, structured and digital data.

The Securities Offering Reform for Closed-End Investment Companies rule affects the reporting requirements, registration, communications and offering processes for business development companies (BDC) and closed-end investment companies.

The new rule introduces a number of structured data reporting requirements including requiring financial statements and cover pages in form N-1 to be tagged with iXBRL, tagging in within fund prospectus and Form 24F-2 to be submitted in XML.

In order to facilitate the changes the SEC has prepared a draft Closed-End Fund Taxonomy which is available for view and comment.

The new rules will come into effect on 1 August 2020.

Read the announcement here and the rule here.

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