The EZ Start XBRL Translation Service is a comprehensive solution to address the Securities and Exchange Commission's (SEC) Interactive Data Initiative. Under the SEC's proposed rules, all mutual fund companies would provide the Commission with a new exhibit with their risk/return summary information in interactive data format. Initial- and post-effective registration statements, with an effectiveness date after December 31, 2009, would be required to file a follow up post-effective amendment (485BPOS) within 15 days of the effectiveness date of that registration statement.
| SUMMARY REQUIREMENTS - SEC XBRL PROPOSAL
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| Timing and Type of Submission |
- Each XBRL risk/return submission would be required to be filed as a post-effective amendment under rule 485(b) of the Securities Act
- The XBRL risk/return submission would be filed no later than 15 business days after the effective date of the related filing
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| Tagging Requirements for the Risk/Return Summary |
- The proposed rules would not alter the requirements to provide risk/return summary information with the traditional format filings
- The tagging must be compliant with the SEC approved ICI risk/return taxonomy
- The proposed rules would require interactive data tagging of a mutual fund's risk/return summary information, which is currently provided in Items 2 and 3 of Form N-1A
- In November 2007, the Commission proposed to amend Form N-1A
- The amendments, if adopted as proposed, would result in the risk/return summary information being contained in Items 2, 3, and 4 of Form N-1A
- If the Commission adopts that proposal, they intend to apply any tagging rules they adopt to the items of amended Form N-1A that contain the information that is currently contained in Items 2 and 3
- Risk/return voluntary filings can be transmitted up until the mandatory filing date
- Mutual fund filers can still file their financial reports in the SEC voluntary filing program
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