On June 28, 2018 the SEC issued a final rule requiring mutual funds to file iXBRL for risk/return summary information with the intention of improving the quality, usefulness and timeliness of the data.
iXBRL is a submission format that embeds iXBRL tagging within an HTML document, allowing it to be both human-readable and machine-readable at the same time.
WHAT THIS MEANS FOR MUTUAL FUND FILERS
iXBRL will be filed within the same submission as the HTML registration statement filing.
Workflow will change so that iXBRL tagging will be applied and reviewed concurrently as a registration statement is prepared.
The 15 business day period for a fund to file iXBRL after the HTML filing will be eliminated.
An additional post-effective amendment filing will no longer be needed.
iXBRL files will no longer be required to be posted on a fund website.
Large Fund Groups (over $1 billion in net assets as of the end of their most recent fiscal year):
Any registration statement that becomes effective on or after September 17, 2020
Small Fund Groups (less than $1 billion in net assets as of the end of their most recent fiscal year): Any registration statement that becomes effective on or after September 17, 2021
FilePoint is prepared to file iXBRL for your mutual funds from both a software and a service perspective.
FilePoint is equipped with software that will facilitate the simultaneous preparation of HTML conversion and iXBRL tagging.
Our current process for tagging iXBRL submissions is already linked to our HTML conversion, allowing for an easy adoption of this requirement.
FilePoint will help you implement the provisions of rule by:
- Serving as a compliance resource to explain the requirements and changes
- Walking your team through the changes in the data display and review process
- Working with your team to streamline the registration statement timeline and workflow
While iXBRL is not currently required for any type of entity, the SEC has made available a mock filing (for a corporate entity) to allow users to explore the functionality and viewing of iXBRL available here:
Users can select on a specific data component to view additional information about the definition and details of the tagged element.
Additional features allow for more in-depth navigation and searchability on data components.
Please contact firstname.lastname@example.org or (919) 706-4090 for assistance with the preparation of Inline XBRL.