On May 4th, the SEC adopted amendments to its current rules and forms that will require open-end management investment companies to provide annual and semiannual reports to shareholders that are both concise and visually engaging and that highlight key information for retail investors to assess and monitor their fund investments.
More information is available in the SEC’s October 2022 final rule, Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements.
The Commission adopted amendments to its rules and forms to require open-end management investment companies to transmit concise and visually engaging annual and semi-annual reports to shareholders that highlight key information that is particularly important for retail investors to assess and monitor their fund investments. See https://www.sec.gov/rules/final/2022/33-11125.pdf.
In accordance with the adopted amendments, the SEC is requiring open-end management investment companies to use Inline eXtensible Business Reporting Language (XBRL) to tag shareholder report disclosures. The elements needed to tag such disclosures are included in the new Open-End Fund (OEF) taxonomy.
As part of the adopted amendments, the Commission is requiring open-end management investment companies to tag shareholder report disclosures in Inline eXtensible Business Reporting Language (XBRL). The elements needed to tag these disclosures are in the new Open-End Fund (OEF) taxonomy.
A draft version of the OEF taxonomy and taxonomy guide have been posted, and the files are available at https://www.sec.gov/structureddata/dera_taxonomies.
Sample filings using the draft OEF taxonomy can be found at https://xbrl.sec.gov/oef/2023/oef23-samples-2023-05-02.zip.
Interested parties may direct feedback via email to StructuredData@sec.gov until June 5, 2023. Comments should include “Draft 2023 OEF Taxonomy” in the subject header.
GoFiler Complete and GoXBRL will introduce support for this new OEF Taxonomy in a future update.
