XBRL US comments on draft OEF Taxonomy and Guide

Posted on June 18, 2023 by Editor

XBRL US recently submitted feedback on the US Securities and Exchange Commission’s (SEC) proposed draft Open-End Fund Taxonomy (OEF), published in May.

The SEC took commendable action to improve retail investor access to OEF data last year. The rule introduced a range of measures designed to make shareholder reports more concise, visually engaging, and crucially, digital, with iXBRL-tagging included in the mix of modernisation requirements.

The taxonomy to support iXBRL tagging of OEF reports was published last month, allowing issuers and software vendors supporting issuers to review and prepare for roll-out.

The feedback provided by XBRL US includes valuable insights on the taxonomy and a series of implementation-related questions. The intention behind these questions is to foster consistent guidance and alleviate any potential confusion among issuers.

In order to facilitate a seamless program launch, XBRL US requests the SEC to publicly post the questions and their answers on their FAQ page. The goal is to give issuers access to a comprehensive resource that can address common concerns and ensure a smooth transition to the new rules.

Read the feedback letter here.

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