On July 22, staff in the SEC’s Division of Economic and Risk Analysis issued an amended SPAC taxonomy that will be deployed as part of an upcoming EDGAR Release and will add the Over-allotment Option [Axis] to the dilution source link roles relating to SPAC dilution disclosure. The taxonomy also replaces the Security Class [Axis] (in certain roles relating to sponsor compensation) with Compensation Nature [Axis] (a superset of Security Class [Axis]). This allows filers to declare members needed for tagging non-security types of compensation. Continue reading "SEC Revises Special Purpose Acquisition Company..." »

On July 21, staff in the SEC’s Division of Economic and Risk Analysis published findings related to an analysis of public float tagging errors. Form 10-K cover pages require the disclosure of the aggregate market value of both voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was most recently sold, or the average bid and asked price of such common equity, such as public float, as of the last business day of a filer’s most recently completed second fiscal quarter. Continue reading "SEC Releases Analysis of Public Float Tagging..." »

On July 14th, the SEC announced that Form N-MFP Data Sets are now available for filers to download and that monthly updates will resume immediately. The monthly data sets previously were paused to update for Form N-MFP3 submissions. Form N-MFP is used for monthly reports of money market funds that report data pertaining to the fund and its portfolio holdings for the previous month. Continue reading "Form N-MFP Data Sets Now Available for..." »

On June 23rd, the SEC's Division of Economic and Risk Analysis adopted amendments to Rule 605 of the Securities Exchange Act, which requires disclosures for order executions in national market system (NMS) stocks. The SEC is releasing the draft report for review and comment. Continue reading "SEC Releases Draft of Order Execution Summary..." »

The SEC's Office of Structured Disclosure reminds the financial reporting community that Rule 405(e) of Regulation S-T provides guidance for tagging requirements for financial statement schedules, which includes a fund's Schedule of Investments (SOI), under rules 12-12, 12-13, 12-13A through 13D, and 12-14 of Regulation S-X. Accordingly, a Business Development Company (BDC) is required to tag its SOI in compliance with the tagging requirements in Rule 405(e) of Regulation S-T. Continue reading "SEC Publishes Guidance Regarding Incomplete and..." »

On June 2nd, the SEC's Division of Economic and Risk Analysis (DERA) published an analysis of custom tags used in XBRL filings submitted by issuers to comply with the 2009 Interactive Data tagging rules that require financial statement information to be reported in XBRL, a structured, machine-readable format. DERA observed trends in filers' use of custom tags in their XBRL exhibits submitted in Forms 10-K and 10-K/A using US GAAP for fiscal years 2022 through 2024. The analysis of these forms indicates a decrease in average custom tag rate for filings across all filer status, while the large accelerated filer category rate remained flat during that period. Continue reading "SEC Publishes US GAAP–XBRL Custom Tags Trend..." »

On April 28th, the SEC's Division of Economic and Risk Analysis (DERA) released new data and analysis related to key market areas of public issuers, exempt offerings, commercial mortgage-backed securities (CMBS), asset-backed securities (ABS), money market funds, and security-based swap dealers (SBSD) with the aim of increasing transparency and understanding of capital markets. Continue reading "SEC’s Division of Economic and Risk Analysis..." »

The SEC has announced that Variable Insurance Product (VIP) Data Sets are now available for registrants to download as of March 11, 2025. The VIP Data Sets provide the text and numeric information drawn from Forms N-3, N-4, and N-6 (the registration forms for variable annuity contracts and contracts offering Index-Linked Options and/or Fixed Options subject to a contract adjustment) filed with the SEC in eXtensible Business Reporting Language (XBRL). Continue reading "Variable Insurance Product Data Sets Now..." »

On December 16th, the SEC adopted amendments to Volume II of the EDGAR System Filer Manual and related rules and forms. EDGAR Release 24.4 was deployed in the EDGAR system on December 16, 2024. Continue reading "EDGAR Release 24.4 Includes Modified Variable..." »

On November 15th, the SEC voted to approve new rules and amendments to enhance transparency requirements and provide additional investor protection in initial public offerings (IPOs) by special purpose acquisition companies (SPACs) and in future business combination transactions between SPACs and target companies (de-SPAC transactions). Continue reading "SEC Adopts New Rules to Increase Transparency..." »

On September 24th, the SEC’s Division of Economic and Risk Analysis (DERA) announced that it had concluded an assessment of how filers are tagging provision (benefit) for credit losses on income statements. Staff performed the assessment on Forms 10-K and 10-Q that have one or more custom tags for tagging the provision (benefit) for credit losses section of the income statement. Continue reading "SEC Provides Guidance for Proper Use of Custom..." »

On September 18th, the SEC published the draft of the 2025 updates to its reporting taxonomies, including updates within the annual review and update process for all SEC taxonomies accepted in the EDGAR system. The Draft 2025 Release Notes provide more information related to specific changes in the 2025 update. Continue reading "SEC Publishes 2025 Draft Taxonomies for Review..." »

The SEC recently adopted rules to amend Form N-4, the form currently used by most variable annuity separate accounts. As part of these changes, the registration, filing, and data transparency requirements that were adopted for registered index-linked annuities (RILAs) offerings have been broadened to the offerings of registered market value adjustment annuities (registered MVA annuities). Now the new elements needed to tag this information have been included in the VIP taxonomy because RILAs and registered MVA annuities are insurance products whose offerings are registered on Form N-4. Continue reading "SEC Publishes Draft of Updated 2024 Variable..." »

The SEC’s Division of Economic and Risk Analysis (DERA) recently analyzed the way filers use custom tags in IFRS XBRL submissions from 2021 to 2023. Continue reading "SEC Publishes Trend Analysis of Custom Tag..." »

On July 29th, the SEC announced that Form N-PORT Data Sets are now available for download. Form N-PORT is used by registered investment companies (apart from money market funds and exchange-traded funds organized as unit investment trusts) to report monthly portfolio holdings. The Form N-PORT Data Sets are extracted from the eXtensible Markup Language (XML) Form N-PORT-P submissions. The data is displayed unchanged from the “as-filed” submissions and in a flattened format to provide the public with easily accessible data from registrants. The data sets include only publicly available information from filings that have been disseminated by the SEC. Continue reading "SEC Releases Form N-PORT Data Sets for Download" »