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Inline XBRL Filing of Tagged Data Conformed to Federal Register Version SECURITIES AND EXCHANGE COMMISSION 17 CFR Parts 229, 230, 232, 239, 249, 270 and 274 [Release Nos. 33-10514; 34-83551; IC-33139; File No. S7-03-17] RIN 3235-AL59 Inline XBRL Filing of Tagged Data AGENCY: Securities and Exchange Commission. ACTION: Final rule. SUMMARY: We are adopting amendments to require the use of the Inline eXtensible Business Reporting Language (“XBRL”) format for the submission of operating company financial statement information and fund risk/return summary information. We also are adopting the elimination of the 15 business day XBRL filing period for fund risk/return summaries. The amendments are intended to improve the data’s usefulness, timeliness, and quality, benefiting investors, other market participants, and other data users and to decrease, over time, the cost of preparing the data for submission to the Commission. The amendments will also eliminate the requirement for operating companies and funds to post “Interactive Data Files” (i.e., machine-readable computer code that presents information in XBRL format) on their websites and terminate the Commission’s voluntary program for the submission of financial statement information interactive data that is currently available only to investment companies and certain other entities. DATES: Effective date: These amendments are effective on September 17, 2018. Compliance dates: See Section III.A.1.c. FOR FURTHER INFORMATION CONTACT: Mark W. Green, Senior Special Counsel, Division of Corporation Finance, at (202) 551-3430; John Foley, Senior Counsel, Division of Investment Management, at (202) 551-6792; Robert M. Willis, Assistant Director, Office of Disclosure Technology, Anzhela Knyazeva, Senior Financial Economist, or Hermine Wong, Special Counsel, Division of Economic and Risk Analysis, at (202) 551-6600. SUPPLEMENTARY INFORMATION: We are adopting amendments to: Commission Reference CFR Citation (17 CFR) Regulation S-K1 Item 601 § 229.601 Regulation S-T2 Rule 11 § 232.11 Rule 201 § 232.201 Rule 202 § 232.202 Rule 305 § 232.305 Rule 401 § 232.401 Rule 402 § 232.402 Rule 405 § 232.405 Securities Act of 1933 (Securities Rule 144 § 230.144 Act)3 Rule 485 § 230.485 Rule 497 § 230.497 Form S-3 § 239.13 Form S-8 § 239.16b Form F-3 § 239.33 Form F-10 § 239.40 Securities Exchange Act of 1934 Rule 13a-14 § 240.13a-14 (Exchange Act)4 Rule 15d-14 § 240.15d-14 Form 10-Q § 249.308a 1 17 CFR 229.10 through 229.1208. 2 17 CFR 232.10 through 232.903. 3 15 U.S.C. 77a et seq. 4 15 U.S.C. 78a et seq. 2 Form 10-K § 249.310 Form 20-F § 249.220f Form 40-F § 249.240f Form 6-K § 249.306 Investment Company Act of 1940 Rule 8b-1 § 270.8b-1 (Investment Company Act)5 Rule 8b-2 § 270.8b-2 Rule 8b-33 § 270.8b-33 Rule 30a-2 § 270.30a-2 Securities Act and Investment Form N-1A § 239.15A and Company Act 274.11A I. INTRODUCTION ..................................................................................................................... 4 II. BACKGROUND AND ECONOMIC BASELINE ................................................................ 7 A. Overview of Existing XBRL Requirements for Operating Companies and Funds ..................... 7 B. Current XBRL Practices and Affected Parties ...........................................................................11 1. XBRL Preparation ........................................................................................................11 2. Voluntary Use of Inline XBRL by Operating Companies under the Exemptive Order 13 3. XBRL Data Use ............................................................................................................17 III. FINAL AMENDMENTS AND ANTICIPATED ECONOMIC EFFECTS .................... 20 A. Discussion of the Final Amendments .........................................................................................20 1. Inline XBRL Requirements ..........................................................................................20 2. Elimination of the Website Posting Requirements .......................................................51 3. Termination of the 2005 XBRL Voluntary Program ....................................................53 4. Technical Amendments ................................................................................................54 B. Potential Economic Effects of the Amendments ........................................................................55 1. Inline XBRL Requirements ..........................................................................................57 2. Elimination of the Website Posting Requirements for Financial Statement Information and Risk/Return Summaries ......................................................................................79 3. Termination of the 2005 XBRL Voluntary Program ....................................................80 4. Alternatives ...................................................................................................................80 IV. OTHER MATTERS ............................................................................................................. 86 V. PAPERWORK REDUCTION ACT ..................................................................................... 86 A. Background ................................................................................................................................86 B. Summary of Comment Letters and Revisions to Proposals ........................................................87 C. Reporting and Cost Burden Estimates ........................................................................................88 1. Registration Statement and Periodic Reporting ............................................................88 2. Regulation S-K and Regulation S-T .............................................................................96 VI. FINAL REGULATORY FLEXIBILITY ACT ANALYSIS ............................................. 97 A. Need for, and Objectives of, the Final Amendments ..................................................................97 B. Significant Issues Raised by Public Comments ..........................................................................97 C. Small Entities Subject to the Amendments .................................................................................99 D. Projected Reporting, Recordkeeping and Other Compliance Requirements ............................100 E. Agency Action to Minimize Effect on Small Entities ..............................................................102 VII. STATUTORY BASIS ........................................................................................................ 104 TEXT OF THE FINAL RULE AND FORM AMENDMENTS ............................................ 104 5 15 U.S.C. 80a et seq. 3 I. INTRODUCTION In 2009 the Commission adopted rules requiring operating companies6 to provide the information from the financial statements accompanying their registration statements and periodic and current reports in machine-readable format using XBRL by submitting it to the Commission in exhibits to such registration statements and reports and posting it on their websites, if any.7 That same year, the Commission similarly required open-end management investment companies (including exchange-traded funds (“ETFs”) organized as open-end management investment companies) (“funds”) to provide risk/return summary information from their prospectuses in XBRL format by submitting it to the Commission in exhibits and posting it on their websites, if any.8 XBRL requirements currently apply to operating companies that prepare their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) or in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).9 XBRL 6 For purposes of both the existing XBRL requirements for financial statement information and these amendments, operating companies are filers subject to the financial statement information XBRL requirements of Item 601(b)(101) of Regulation S-K and Forms F-10, 20-F, 40-F and 6- K. Operating companies do not include any investment company that is registered under the Investment Company Act, any business development company (“BDC”), as defined in Section 2(a)(48) of that Act [15 U.S.C. 80a-2(a)(48)], or any entity that reports under the Exchange Act and prepares its financial statements in accordance with Article 6 of Regulation S-X [17 CFR 210.6-01 through 210.6-10], as well as asset-backed issuers. See Release No. 33-9002 (Jan. 30, 2009) [74 FR 6776] (“2009 Financial Statement Information Adopting Release”) as corrected by Release No. 33-9002A (Apr. 1, 2009) [74 FR 15666], at 6780-1, nn. 69 and 78 and accompanying text. 7 17 CFR 232.405. See also 2009 Financial Statement Information Adopting Release. 8 See Release No. 33-9006 (Feb. 11, 2009) [74 FR 7747] (“2009 Risk/Return Summary Adopting Release”) as corrected by Release No. 33-9006A (May 1, 2009) [74 FR 21255]. The risk/return summary is set forth in Items 2, 3, and 4 of Form N-1A under the Securities Act and the Investment Company Act. 9 As used in this release, the phrase “IFRS as issued by the IASB” refers to the authoritative text of IFRS. 4 requirements also apply to funds pursuant to Form N-1A and related rules under Regulation S-T.10 Operating companies and funds subject to these XBRL requirements must submit an Interactive Data File,11 including information tagged in XBRL, as an exhibit to the Related Official Filing,
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