An InvestmentNews alert published Tuesday indicates that the Securities and Exchange Commission has proposed an eXtensible Business Reporting Language (XBRL) filing requirement for mutual funds. Using XBRL format would enable investors to easily compare fees and performance data.
The requirement would apply to fund filings that become effective after Dec. 31, 2009. The SEC will accept public comment on the proposal until Aug. 1.
The Commission recently proposed a similar requirement for public companies whose market capitalization exceeds $5 billion. That requirement, however, would apply to filings that become effective early in 2009.