On March 3rd, the SEC announced that it is requesting feedback on interactive data collection. Issuers filing registration statements under the Securities Act of 1933 and reports under the Securities Exchange Act of 1934 are required to submit specified financial information to the SEC and post it on their corporate websites in an interactive data format using XBRL. The interactive data requirement is designed to simplify investors’ ability to evaluate financial information and to help issuers automate regulatory filings and business information processing. The SEC is seeking feedback on the burden of these requirements, as well as the quality of the interactive data itself.
This collection of data is located mainly in registration statement and report exhibit provisions (both requiring interactive data) as indicated by Rule 405 of Regulation S-T, the rule that specifies how to submit and post interactive data. The exhibit provisions are in Item 601(b)(101) of Regulation S-K, F-10 under the Securities Act, and Forms 20-F, 40-F and 6-K under the Exchange Act.
In interactive data format, financial statement information may be downloaded directly into spreadsheets and evaluated in a number of ways using commercial software. The specified financial information will continue to be required to be submitted to the SEC in traditional format in accordance with current requirements.
The public may submit feedback on matters related to the extension, including:
ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology;
the accuracy of the agency’s estimate of the burden imposed by the collection of information;
ways to enhance the quality, utility, and clarity of the information collected, and
whether this proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility
The public may submit feedback on the extension until May 9, 2022. Written comments may be mailed to David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/o John Pezzullo, 100 F Street, NE, Washington, DC 20549 or sent via email to: PRA_Mailbox@sec.gov.
The SEC will submit the existing collection of information to the Office of Management and Budget for extension and approval. The proposal will be published on the SEC’s website and in the Federal Register.