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.
2

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 

Act)3

Rule 144 § 230.144

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 

(Exchange Act)4

Rule 13a-14 § 240.13a-14

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.
3

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 

(Investment Company Act)5

Rule 8b-1 § 270.8b-1

Rule 8b-2 § 270.8b-2

Rule 8b-33 § 270.8b-33

Rule 30a-2 § 270.30a-2

Securities Act and Investment 

Company Act

Form N-1A § 239.15A and 

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 Order13

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.
4

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. 
5

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, which is filed in the traditional HyperText Markup 

Language (“HTML”) or, less commonly, American Standard Code for Information 

Interchange (“ASCII”) format.

12 

The 2009 requirements were intended to make financial information and fund

risk/return summaries easier for investors to analyze and to assist in automating 

regulatory filings and business information processing.

13 Since that time, however, some 

observers have expressed concerns regarding the quality of, extent of use of, and cost to 

create XBRL data.

14 In addition, the Commission staff has identified common data 

quality issues associated with financial statement information XBRL data filed by 

operating companies.15 

 10 See General Instruction C.3.(g) to Form N-1A; Rule 405 of Regulation S-T.

11 17 CFR 232.11; 17 CFR 232.405. The term “Interactive Data File” means the machine-readable 

computer code that presents information in XBRL electronic format pursuant to Rule 405 of 

Regulation S-T. The Interactive Data File currently consists of an instance document and other 

documents as described in the Electronic Data Gathering, Analysis, and Retrieval system

(EDGAR) Filer Manual. The instance document contains the XBRL tags for the information 

contained in the corresponding data in the Related Official Filing to satisfy the content and format 

requirements in Rule 405. The other documents in the Interactive Data File contain contextual 

information about the XBRL tags.

12 17 CFR 232.11. The term “Related Official Filing” means the ASCII or HTML format part of the 

official filing with which an Interactive Data File appears as an exhibit or, in the case of Form N1A, the ASCII or HTML format part of the official filing that contains the information to which an 

Interactive Data File corresponds.

13 See 2009 Financial Statement Information Adopting Release, at 6776; 2009 Risk/Return Summary 

Adopting Release, at 7748.

14 See Release No. 33-10323 (Mar. 1, 2017) [82 FR 21487] (“Inline XBRL Proposing Release”), at 

14283, nn. 29-30, at 14286, n. 70, at 14287, n. 78, and accompanying text.

15 See, e.g., Staff Observations of Custom Axis Tags (Mar. 29, 2016), 

https://www.sec.gov/structureddata/reportspubs/osd_assessment_custom-axis-tags.html (retrieved 

Jun. 20, 2018); Staff Observations of Custom Tag Rates (July 7, 2014), 
6

At the same time, since the adoption of the original XBRL requirements in 2009, 

other observers have disagreed with the claim that the XBRL requirements impose high 

costs and emphasized the decrease in costs over time as filers and filing agents have

gained experience and widely adopted the XBRL technology.

16 Other observers have

discussed the improvement in XBRL data quality over time and examined the benefits of 

XBRL data.17 The same observers have associated XBRL data with better availability of 

information about smaller operating companies from an access to capital standpoint.

18 

We have reviewed and considered all of the comments that we received on the 

Inline XBRL Proposing Release.19 The final amendments reflect changes made in 

response to those comments. We are adopting the Inline XBRL requirements for 

 

https://www.sec.gov/dera/reportspubs/assessment-custom-tag-rates-xbrl.html (retrieved Jun. 20, 

2018); Staff Observations from the Review of Interactive Data Financial Statements (Dec. 13, 

2011), https://www.sec.gov/spotlight/xbrl/staff-review-observations-121311.shtml (retrieved Jun.

20, 2018).

16 See Inline XBRL Proposing Release, at 14286.

17 See Inline XBRL Proposing Release, at 14286 and at 14287, n. 81. 

18 Id. 

19 See letters from Advanced Computer Innovations, Inc. (Mar. 1, 2017) (“ACI”); Association of 

International Certified Professional Accountants (May 16, 2017) (“AICPA”); Biotechnology 

Innovation Organization (May 16, 2017) (“BIO”); CFA Institute (Jun. 12, 2017) (“CFA 

Institute”); Cigna Corporation (May 16, 2017) (“Cigna”); Data Coalition (May 16, 2017) (“Data 

Coalition”); Deloitte & Touche LLP (May 5, 2017) (“Deloitte”) ; Ernst & Young LLP (May 16, 

2017) (“EY”); Federated Investors (May 16, 2017) (“Federated I”); Federated Investors (Jun. 1, 

2018) (“Federated II”); Financial Executives International (May 16, 2017) (“FEI”); Jack Frei 

(Mar. 13, 2017) (“Frei”); Gartner, Inc. (May 10, 2017) (“Gartner”); Grant Thornton LLP (May 16, 

2017) (“Grant Thornton”); Hindssight 2020, llc (May 15, 2017) (“Hindssight”); Charles S. 

Hoffman (May 14, 2017) (“Hoffman”); Investment Company Institute (May 16, 2017) (“ICI I”); 

Investment Company Institute (Jun. 1, 2018) (“ICI II”); IRIS Business Services Limited (Mar. 27, 

2017) (“IRIS”); Hemant Khatod (Mar. 27, 2017) (“Khatod 1”); Hemant Khatod (Mar. 27, 2017)

(“Khatod 2”); Suresh Kumar (Mar. 21, 2017) (“Kumar”); Paul Lewis (Mar. 10, 2017) (“Lewis”); 

Reps. Randy Hultgren, Carolyn Maloney, and Darrell Issa, Members of Congress (Apr. 27, 2017) 

(“Members of Congress”); Merrill Corporation (May 16, 2017) (“Merrill”); Morningstar, Inc. 

(May 16, 2017) (“Morningstar”); Octachoron Limited (May 15, 2017) (“Octachoron”); Bill 

Palmer (May 12, 2017) (“Palmer”); Laurie A. Pergamit (May 2, 2017) (“Pergamit”); Somnath Ray 

(May 17, 2017) (“Ray”); Daniel C. Sweeney (Mar. 27, 2017) (“Sweeney”); TagniFi (Apr. 19, 

2017) (“TagniFi”); U.S. Bancorp Fund Services, LLC (May 16, 2017) (“USBFS”); Workiva Inc. 

(May 23, 2017) (“Workiva I”); Workiva Inc. (Mar. 6, 2018) (“Workiva II”); XBRL International 

(May 16, 2017) (“XBRL International”); XBRL US (May 16, 2017) (“XBRL US”).
7

operating companies and funds substantially as proposed, with modifications to address 

input from commenters. We are also eliminating the XBRL website posting 

requirements for operating companies and funds and eliminating the Commission’s 

interactive data voluntary program (“2005 XBRL Voluntary Program”),

20 as proposed. 

The discussion below begins with a background description of the existing XBRL 

requirements and current XBRL practices. The discussion of the amendments is found in 

Section III.A.

We believe that the use of Inline XBRL may reduce the time and effort associated 

with preparing XBRL filings, simplify the review process for filers, and improve the 

quality and usability of XBRL data for investors, market participants, and other data 

users. The Commission will continue to monitor industry practices and market 

developments in disclosure technologies. Should future developments suggest that a 

more efficient or less costly reporting standard would provide at least substantively 

similar benefits as Inline XBRL, we would evaluate whether changes to our reporting 

format are appropriate, including, without limitation, designating another reporting 

standard as an alternative to Inline XBRL for some or all aspects of the rule.

II. BACKGROUND AND ECONOMIC BASELINE

A. Overview of Existing XBRL Requirements for Operating Companies and Funds

 20 See Rule 401 of Regulation S-T. In 2005, the Commission began to allow registrants to 

voluntarily submit financial information in XBRL form as exhibits to periodic reports and 

Investment Company Act filings. See Release No. 33-8529 (Feb. 3, 2005) [70 FR 6556]. In 2007, 

the voluntary program was expanded to permit risk/return summary submissions. See Release No. 

33-8823 (Jul. 11, 2007) [72 FR 39289]. As a result of rule amendments adopted by the 

Commission in 2009, the 2005 XBRL Voluntary Program is now only open for participation by 

investment companies and other entities that prepare their financial statements in accordance with 

Article 6 of Regulation S-X. See 2009 Financial Statement Information Adopting Release and 

2009 Risk/Return Summary Adopting Release.
8

The XBRL requirements for the required information are located in the 

Interactive Data File provisions of Regulation S-K;

21 Forms F-10,22 20-F,23 40-F,24 6-

K,

25 and N-1A;26 Rule 405 of Regulation S-T; and the EDGAR Filer Manual.27

Operating companies are required to submit financial statements and any 

applicable financial statement schedules in XBRL as exhibits to certain Exchange Act 

reports and Securities Act registration statements.28 In general, operating companies that 

prepare their financial statements in accordance with U.S. GAAP or in accordance with 

IFRS as issued by the IASB must submit their financial statements to the Commission in 

XBRL. Filers that are required to provide information in XBRL must use the taxonomies 

specified on the Commission’s website.29

 21 See Item 601(b)(101) of Regulation S-K [17 CFR 229.601(b)(101)]. 

22 See Paragraph (101) of Part II—Information Not Required to be Delivered to Offerees or 

Purchasers of Form F-10. 

23 See Paragraph 101 of the Instructions as to Exhibits of Form 20-F. 

24 See Paragraph B.(15) of the General Instructions to Form 40-F. 

25 See Paragraph C.(6) of the General Instructions to Form 6-K. 

26 See General Instruction C.3.(g) to Form N-1A.

27 The EDGAR Filer Manual sets forth the technical formatting requirements for the presentation 

and submission of electronic filings through the EDGAR system. EDGAR performs automated 

collection, validation, indexing, acceptance, and forwarding of submissions by companies and 

others who are required to file forms with the Commission. See

https://www.sec.gov/edgar/aboutedgar.htm (retrieved Jun. 20, 2018).

28 Financial statements in XBRL are required as exhibits to Exchange Act reports on Forms 10-Q, 

10-K, 20-F, 40-F, and, in some cases, 8-K and 6-K. Financial statements in XBRL also are 

required as exhibits to Securities Act registration statements that contain financial statements, such 

as Form S-1 (except registration statements filed in connection with an initial public offering). 

Securities Act registration statements that do not contain financial statements, such as a Form S-3 

or other form filed by an issuer that incorporates by reference all required financial statement 

information from its periodic reports, and Exchange Act registration statements are not required to 

include Interactive Data Files. See 2009 Financial Statement Information Adopting Release.

29 See Rule 405(c)(1) of Regulation S-T.
9

Funds are required to submit risk/return summary information in XBRL as 

exhibits to registration statements and to prospectuses with risk/return summary 

information that varies from the registration statement.30 

An operating company generally must submit the Interactive Data File as an 

exhibit to the relevant Related Official Filing.31 Funds are required to submit the 

Interactive Data File within 15 business days of (1) the effective date of the registration 

statement or post-effective amendment that contains the related information,32 or (2) the 

filing of a form of prospectus made pursuant to paragraph (c) or (e) of Rule 497.33 

Operating companies and funds may delay submission and posting to the extent provided 

under a hardship exemption.34

When filers submit XBRL exhibits during EDGAR filing, the XBRL exhibits are 

validated for compliance with certain EDGAR Filer Manual technical requirements 

before the attachments are accepted. During EDGAR filing, EDGAR validates XBRL 

documents that make up an Interactive Data File, producing error and warning messages 

when issues with the XBRL data are identified. EDGAR also “renders”—creates a 

human-readable version of—XBRL data that can be viewed on the EDGAR website. 

EDGAR users can view a rendered version of the tagged information submitted in the 

 30 See General Instruction C.3.(g) to Form N-1A.

31 See Rule 405(a) of Regulation S-T. 

32 See General Instruction C.3.(g)(i), (iv) to Form N-1A. 

33 See General Instruction C.3.(g)(ii), (iv) to Form N-1A.

34 An operating company may delay the submission and posting of the Interactive Data File to the 

extent provided under a temporary or a continuing hardship exemption. See Rules 201 and 202 of 

Regulation S-T. A fund filer may delay the submission and posting of the Interactive Data File to 

the extent provided under a continuing hardship exemption. See Rule 202 of Regulation S-T.
10

XBRL exhibit by clicking on the “Interactive Data” button next to the relevant filing on 

EDGAR.

For both operating companies and funds, the Interactive Data File submitted to 

the Commission also must be posted on the filer’s website, if any, on the earlier of the 

calendar day that the filer submitted or was required to submit it.35 Operating companies 

must keep the Interactive Data File posted for at least 12 months.36 Funds must keep the 

Interactive Data File posted until the registration statement or post-effective amendment 

to which the Interactive Data File relates is no longer current.37 

Currently, the requirement for operating companies to submit and post financial 

statement information in XBRL applies through the exhibit requirements of Item 

601(b)(101) of Regulation S-K38 and Forms F-10,39 20-F,

40 40-F,41 and 6-K.42 Similar 

requirements for funds to submit and post risk/return summary information in XBRL 

apply through the exhibit requirements of Form N-1A43 and Rule 497.44 These exhibit 

 35 See Rule 405(g). 

36 Id. 

37 See Rule 405(g) and General Instruction C.3.(g)(iii) to Form N-1A. 

If a fund does not submit or post interactive data as required, its ability to file post-effective 

amendments to its registration statement under Rule 485(b) under the Securities Act is 

automatically suspended until it submits and posts the interactive data as required. See Rule 

485(c) under the Securities Act. The Interactive Data File also must be submitted in such a 

manner that will permit the information for each series and, for any information that does not 

relate to all of the classes in a filing, each class of the fund to be separately identified. See General 

Instruction C.3.(g)(iv) to Form N-1A.

38 The exhibit requirements of Item 601(b)(101) relate to Forms S-1, S-3, S-4, S-11, F-1, F-3, F-4, 8-

K, 10-Q, and 10-K. 

39 See Paragraph (101) of Part II (Information Not Required to be Delivered to Offerees or 

Purchasers) of Form F-10. 

40 See Paragraph 101 of the Instructions as to Exhibits of Form 20-F. 

41 See Paragraph B.(15) of the General Instructions to Form 40-F. 

42 See Paragraph C.(6) of the General Instructions to Form 6-K. 

43 See General Instruction C.3.(g) to Form N-1A.
11

requirements specify when information in the Related Official Filing triggers the

requirement to submit and post an Interactive Data File in the manner provided by Rule 

405 of Regulation S-T.

45 Rule 405 sets forth the basic content, format, submission, and 

posting requirements for the Interactive Data File, such as the requirement to submit the 

Interactive Data File as an exhibit to the Related Official Filing.46 Rule 405 also requires 

that an Interactive Data File be submitted in accordance with the EDGAR Filer Manual.47 

The EDGAR Filer Manual contains additional formatting and submission requirements 

for the Interactive Data File.

On June 13, 2016, the Commission issued an exemptive order under the Exchange 

Act to permit operating companies that comply with certain conditions listed in the order 

to file structured financial statement data required in their periodic and current reports 

using Inline XBRL through March 2020, in lieu of filing all their XBRL data in a 

separate exhibit.

48

B. Current XBRL Practices and Affected Parties

1. XBRL Preparation 

 44 See Rule 497(c), (e).

45 The exhibit provisions that specify when an Interactive Data File is required for financial 

information also specify when it is optional and when it is prohibited. 

46 See Rule 405(a)(2) for the exhibit requirement. 

47 See Rule 405(a)(3).

48 See Order Granting Limited and Conditional Exemption under Section 36(a) of the Securities 

Exchange Act of 1934 from Compliance with Interactive Data File Exhibit Requirement in Forms 

6-K, 8-K, 10-Q, 10-K, 20-F, and 40-F to Facilitate Inline Filing of Tagged Financial Data, Release 

No. 34-78041 (Jun. 13, 2016) [81 FR 39741] (“Exemptive Order”). 
12

There were approximately 8,315 filers of annual and quarterly reports (Forms 10-

K, 10-Q, 20-F, and 40-F), including amendments, during calendar year 2017.49 As of 

December 2017, there were approximately 11,181 funds registered on Form N-1A.

50

Filers may prepare their Interactive Data to comply with existing XBRL requirements inhouse or use an outside service provider.51 Tagging required disclosures in XBRL may 

involve either a standalone or integrated approach.52 

In 2009 the Commission estimated the expected direct cost of compliance with 

XBRL requirements by operating companies.53 After the adoption of the 2009 rules, 

several pre-proposal commenters and studies provided estimates of the cost of 

 

49 The figures are based on staff analysis of EDGAR filings. Filers were identified based on Central 

Index Key (“CIK”) codes. Some filers, including investment companies, asset-backed issuers, and 

filers who have received a hardship exemption, are not subject to financial statement information 

interactive data requirements. Interactive data requirements for operating companies also pertain 

to certain Securities Act registration statements, as well as certain filings on Forms 8-K and 6-K 

containing specified financial statements. 

50 The figures are based on data obtained from ICI as of December 31, 2017, available at

http://www.ici.org/research/stats, and staff analysis of EDGAR filings. This count includes 9,360 

mutual funds and 1,821 ETFs registered as open-end investment companies. The estimate of 

ETFs is reduced to exclude approximately eight ETFs registered as unit investment trusts 

(“UITs”). UITs and closed-end funds are not subject to the proposed amendments and are 

therefore excluded from this estimate. 

51 See Inline XBRL Proposing Release, at 14285. See also William Sinnett, SEC reporting and the 

impact of XBRL: 2013 survey, Financial Executives Research Foundation (Nov. 15, 2013) 

(“FERF Study”), at 15. 

52 See Inline XBRL Proposing Release, at 14285. With a standalone approach, filers or filing agents 

create an XBRL exhibit by copying the information from the filing document and tagging it in 

XBRL, which requires them to expend incremental resources to create and tag a copy of the data 

and verify the consistency of tagged data across documents. With an integrated approach, XBRL 

tagging of required disclosures is a part of a broader disclosure management process, and 

integrated disclosure management software is used to generate both the HTML filing and the 

XBRL exhibit.

53 See 2009 Financial Statement Information Adopting Release, at 6804 (estimating direct costs of 

preparing and submitting interactive data-formatted financial statements, excluding the cost of 

website posting, at $39,510–$81,220 ($12,450–$20,340) for the first submission (each subsequent 

submission) with block-text footnotes and schedules and $29,700–$59,150 ($20,075–$36,940) for 

the first submission (each subsequent submission) with detailed tagging of footnotes and 

schedules, and the cost of website posting at $1,000 per year).
13

compliance with financial statement information XBRL requirements.54 According to a 

2013 survey, the median operating company filer required 25 hours for the preparation 

and 15 hours for the review of XBRL and between $8,000 and $10,000 for the services of 

outside professionals for its most recent annual filing.55 According to another survey, the 

median small filer paid $10,000 or less on an annual basis for fully outsourced creation 

and filing of its XBRL exhibits.56 Preliminary statistics from a pricing survey being 

conducted by the AICPA and XBRL US indicate that the cost of XBRL formatting has 

declined 41% since 2014 and that the average cost of XBRL preparation for small 

reporting companies in 2017 averaged $5,850 per year.57 The 2009 Risk/Return 

Summary Adopting Release estimated the expected direct cost of compliance with the 

fund risk/return summary XBRL requirements.58

2. Voluntary Use of Inline XBRL by Operating Companies under the Exemptive 

Order

 54 See Inline XBRL Proposing Release, at 14285-6, n. 69. 

55 See FERF Study, at 18–19. 

56 See Research shows XBRL filing costs are lower than expected, AICPA, 

https://www.aicpa.org/InterestAreas/FRC/AccountingFinancialReporting/XBRL/DownloadableD

ocuments/XBRL%20Costs%20for%20Small%20Companies.pdf (retrieved Jun. 20, 2018) 

(“AICPA Study”); Mohini Singh (2017) The Cost of Structured Data: Myth vs. Reality, CFA 

Institute, https://www.cfapubs.org/doi/pdf/10.2469/ccb.v2017.n5.1 (retrieved Jun. 20, 2018).

57 See https://xbrl.us/wp-content/uploads/2018/06/XBRL-US-Letter-to-HFSC-RE-HR-5054-6-6-

2018.pdf (retrieved Jun. 20, 2018).

58 See 2009 Risk/Return Summary Adopting Release, at 7769 (estimating direct costs of preparing 

and submitting interactive data-formatted risk/return summary information, excluding the cost of 

website posting, at $23,200 for the first submission ($3,100 for each subsequent submission) and 

the cost of website posting at $250).

One commenter stated that it uses a third-party vendor for XBRL preparation and estimated the 

average time the commenter expends to review the approximately 336 risk/return summary XBRL 

filings per year produced for its funds at approximately 12 hours per month, with a peak of 32 

hours per month. See letter from Federated II. This amounts to an average review time of 

approximately 0.43 hours per filing (12 hours per month x 12 months / 336 filings per year). The 

cost of outside services for XBRL preparation, which are incurred in addition to the review time, 

is not stated in this letter. 
14

A small but growing number of operating company filers have relied on the 

Exemptive Order to voluntarily file in Inline XBRL.59 Large accelerated, accelerated, 

and nonaccelerated filers and smaller reporting companies were well represented, with 

large accelerated filers representing a larger proportion of voluntary operating company 

filers than their proportionate share of all operating company filers.60 

Filers that have filed in Inline XBRL under the Exemptive Order used XBRL 

preparation software or filing agents that already can accommodate Inline XBRL. Based 

on filing software information, where available in the filing, voluntary Inline XBRL filers 

used seven different vendors.61 In conjunction with the Exemptive Order, the 

Commission also made the open source Inline Viewer available to the public so that filers 

could test and view their submissions before EDGAR filing and the public could easily 

view the Inline XBRL document within the context of a web browser.

One commenter—whose vendor members are estimated by the commenter to 

“provide XBRL creation services for an estimated 80% of U.S. public companies that file

in XBRL to the SEC each quarter”—stated that “[m]any vendors today already have 

Inline XBRL capabilities or have development underway” to incorporate this capability 

into their tools.62 

 59 Based on staff analysis of Inline XBRL filings, as of May 21, 2018, approximately 152 unique 

operating company filers filed approximately 526 Inline XBRL filings. The number of filers that 

have voluntarily filed in Inline XBRL so far is modest relative to the overall number of filers 

(approximately 1.8%).

60 As of May 21, 2018, staff analysis of voluntary Inline XBRL filings showed that large accelerated 

filers accounted for approximately 38% and accelerated filers approximately 18% of such filings. 

By comparison, based on staff analysis of Forms 10-K, 10-Q, 20-F, and 40-F filings and 

amendments to them filed during calendar year 2017, large accelerated filers accounted for 

approximately 26% and accelerated filers for approximately 19% of such filings.

61 This estimate is based on filings information as of May 21, 2018. 

62 See letter from XBRL US. See also letters from Workiva I, IRIS, and ACI.
15

Based on our understanding of the experience of voluntary Inline XBRL filers and 

the input from commenters whose XBRL solutions were used in voluntary Inline XBRL 

filings, filers have not incurred increases in the cost of XBRL software.63 We recognize, 

however, that filers that voluntarily elected to file in Inline XBRL under the Exemptive 

Order may not be representative of all filers affected by the amendments. For example, 

most voluntary filers already used integrated XBRL preparation software. Thus, their 

transition to Inline XBRL likely entailed minimal changes to XBRL preparation 

workflow, with the resulting minor impact on both the cost of XBRL preparation and 

XBRL data quality. 

With regard to data quality of voluntary Inline XBRL filings by operating 

companies under the Exemptive Order, Commission staff reviewed a random sample of 

25 Form 10-Q and Form 10-K Inline XBRL filings submitted pursuant to the Exemptive 

Order as of November 1, 201764 to determine whether Inline XBRL had any effect on a 

particular issue of data quality: negative values.65 For each of the 25 filings, Commission 

staff reviewed the Inline XBRL filing and the latest filing prior to the Inline XBRL filing 

to determine if amounts were inappropriately entered as negative values in either of the 

 

Vendors identified as having been used in voluntary Inline XBRL filings and other software 

vendors and filing agents that reference Inline XBRL capabilities on their websites, and in other 

public sources, accounted for approximately 87% of financial statement XBRL filings filed during 

2017 for which preparation software could be identified. Preparation software could not be 

identified for approximately 3% of financial statement XBRL filings.

63 See, e.g., letters from Workiva I and ACI. Both of these commenters were vendors whose XBRL 

preparation solutions were used by voluntary Inline XBRL filers.

64 The examined subset of filings was randomly drawn from 252 Inline XBRL filings submitted as of 

November 1, 2017. 

65 Most XBRL numeric elements are designed to be entered as positive values. Even if the XBRL 

element is related to a credit balance, the element should still be submitted as a positive number 

because debit and credit balances represent presentation attributes for the HTML document, not 

the underlying meaning of the XBRL element.
16

filings. Commission staff observed one Inline XBRL filing with an inappropriate 

negative value for a footnote disclosure; the same disclosure in the latest filing prior to 

the Inline XBRL filing did not have an inappropriate negative value. After the initial 

Inline XBRL filing, that filer submitted a subsequent Inline XBRL filing and corrected 

the error.

One commenter stated that XBRL data quality has not improved significantly, 

based on errors in XBRL data identified during the commenter’s review of early 

voluntary Inline XBRL filings pursuant to the Exemptive Order.66 However, the example 

provided by the commenter of an Inline XBRL tagging error was not an error in the 

Inline XBRL document, but rather a presentation discrepancy when the Inline XBRL 

document was run through the EDGAR Renderer, which is designed for XBRL format 

documents and not Inline XBRL format documents. In part of the example provided, the 

Inline XBRL document had a dimensional axis that does not present in the EDGAR 

rendered view. 

Nevertheless, these observations suggest that some XBRL data quality issues may 

remain for a minority of filers. The relatively small number of voluntary Inline XBRL 

filings to date makes it difficult to draw definitive conclusions about the extent to which 

Inline XBRL may improve data quality going forward. Moreover, we are not able to

observe whether the reviewed voluntary filings were prepared with the use of the Inline 

XBRL Viewer tool, which can facilitate detection of certain types of errors, such as 

negative values and scaling errors. In addition, the experience of a small number of 

voluntary filers may not be representative of all filers subject to the amendments.

 66 See letter from TagniFi.
17

Since the implementation of the voluntary Inline XBRL program, we have 

observed that, not only is the public using the Inline XBRL data, but some data users 

have also made enhancements to the Commission’s open source Inline XBRL Viewer. 

These enhancements, such as creating instantly human-readable time series charting, may 

help to make the XBRL data even more useful. For example, using these enhancements,

a user can hover over the revenues element of a filing and instantly view the latest two 

years of reported revenues for that filer, or hover over a narrative element and instantly 

view the latest two years of text reported for that element by that filer.

3. XBRL Data Use

There is a wide range of XBRL data users, including investors, financial analysts, 

economic research firms, data aggregators, academic researchers, filers seeking 

information on their peers for benchmarking purposes, and Commission staff. 

During the second quarter of 2017, individual financial statement information 

XBRL exhibits were accessed on the EDGAR website approximately 53.1 million times 

(including approximately 13.7 million unique filing views by approximately 149,000 

unique IP addresses) and individual risk/return summary XBRL exhibits were accessed 

approximately 6.8 million times (including approximately 839,000 unique filing views by 

approximately 8,000 unique IP addresses).67 This is the approximate equivalent of 287 

 67 The figures are based on staff analysis of EDGAR log file data for the second quarter of 2017. 

The analysis examined access during the second quarter of 2017 to all financial statement 

information XBRL exhibits filed with annual and current reports and amendments to them and all 

risk/return summary XBRL exhibits filed with amendments to registration statements and forms of 

prospectuses since inception of the XBRL requirements. The analysis did not exclude access by 

“bots” because machine-readable XBRL data is designed to enable automated aggregation and 

processing. Due to data availability, these statistics do not capture access to XBRL data through 

the Public Dissemination Service or the use of the data, tools, and products made available by 

third-party data aggregators, incorporating XBRL data to varying degrees, which likely account 

for the largest share of market participants’ access to such data. These statistics also do not 

capture access to DERA XBRL datasets, which is discussed separately. The data definitions used 
18

exhibit views and 74 unique filing views for each filing with financial statement 

information XBRL data and 224 exhibit views and 28 unique filing views for each filing 

with risk/return summary XBRL data during the examined quarter. 

The Commission also combines, organizes and posts for bulk download financial 

statement information and risk/return summary XBRL data extracted from filings.68 As 

of June 16, 2018, in the approximately eight months since the Commission began posting 

risk/return summary datasets, financial statement data sets had approximately 55,327

page views (including approximately 33,130 unique page views); financial statement and 

notes data sets had approximately 232,398 page views (including 194,623 unique page 

views), and risk/return summary data sets had approximately 2,089 page views (including 

approximately 1,791 unique page views).69 

A number of businesses have created products that provide XBRL data to 

 

to identify XBRL exhibits excluded access to XBRL data as part of a complete submission file or 

as part of an Inline XBRL document (for filings pursuant to the Exemptive Order).

Applying the same methodology, individual XBRL files of nonaccelerated filers and smaller 

reporting companies were accessed on the EDGAR website approximately 23.3 million times 

(including approximately 6.2 million unique filing views by approximately 46,000 unique IP 

addresses). This is the approximate equivalent of 239 exhibit views (64 unique filing views) per

filing. Filer status was obtained from the XBRL portion of the respective filing. Applying the 

same methodology, individual XBRL files of biotechnology companies were accessed on the 

EDGAR website approximately 4.9 million times (including approximately 1.3 million unique 

filing views by approximately 24,000 unique IP addresses). This is the approximate equivalent of 

288 exhibit views (78 unique filing views) per filing. Companies were classified as being in the 

biotechnology sector based on primary Standard Industry Classification (“SIC”) codes (obtained 

from the XBRL portion of the respective filing) that correspond to industry groups for 

pharmaceutical products and medical equipment in the Fama and French 49 industry classification 

(http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/Data_Library/det_49_ind_port.html, 

retrieved Jun. 20, 2018). 

68 See https://www.sec.gov/dera/data/financial-statement-data-sets.html,

https://www.sec.gov/dera/data/financial-statement-and-notes-data-set.html, and

https://www.sec.gov/dera/data/mutual-fund-prospectus-risk-return-summary-data-sets (retrieved 

Jun. 20, 2018). 

69 These statistics do not account for the use of third-party products or websites incorporating these 

datasets. See, e.g., https://console.cloud.google.com/launcher/details/sec-public-data-bq/secpublic-dataset (retrieved Jun. 20, 2018).
19

investors. Data aggregators (i.e., entities that, in general, collect, package, and resell 

data) have incorporated XBRL data into their products to varying degrees. Various thirdparty data providers extract or preview information contained in XBRL exhibits, offering 

XBRL analytics tools or using XBRL data to supplement other reported data based on 

filer disclosures.70

The Commission staff uses XBRL data to efficiently analyze large quantities of 

information in support of risk assessment, rulemaking, and enforcement activities, 

including as part of its internally developed Corporate Issuer Risk Assessment and 

Financial Statement Query Viewer applications. 

Commenters and studies have noted the benefits of XBRL data in providing a 

wide range of financial reporting data that is not always available elsewhere.71 Other 

commenters and studies have indicated that XBRL data use has been limited, in part due 

to concerns regarding data quality and lack of awareness of XBRL.72 Several 

 

70 See, e.g., a discussion of XBRL analytics tools, https://xbrl.us/use/howto/ (retrieved Jun. 20, 

2018); https://xbrl.us/home/category/productsservices/service/data-aggregation/ (retrieved Jun. 20, 

2018); Mitchell R. Wenger, Rick Elam, and Kelly L. Williams (2013) A tour of five XBRL tools, 

Journal of Accountancy (Apr. 1, 2013), 

https://www.journalofaccountancy.com/issues/2013/apr/20126677.html (retrieved Jun. 20, 2018); 

Inline XBRL Proposing Release, at 14286, n. 77; letters from Octachoron and TagniFi.

71 See, e.g., letters from CFA Institute, Data Coalition, Grant Thornton, Members of Congress,

Octachoron, TagniFi, XBRL US, and XBRL International.

Various academic studies have examined the benefits of XBRL for the information environment 

of firms. See Inline XBRL Proposing Release, at 14295, n. 169. See also Yu Cong, Hui Du, and 

Miklos A. Vasarhelyi (2017) Are XBRL files being accessed? Evidence from the SEC EDGAR 

log file data set, Journal of Information Systems (forthcoming) (examining rates of access to 

XBRL files and providing some evidence that investors in smaller operating companies access 

XBRL files and that investors may prefer XBRL files to non-XBRL files when both types of files 

are included with the filing).

72 See Inline XBRL Proposing Release, at 14287, n. 78. See also letter from BIO (stating that 

“XBRL data is little used by biotech investors”). But see note 67 above (discussing XBRL data 

use for smaller and biotech companies that is generally consistent with the XBRL data use for all 

operating companies).
20

commenters stated that risk/return summary XBRL data is little used by investors.73 

Some commenters stated that the use of risk/return summary XBRL data is limited due to

the delay in its availability as compared to the HTML version of the same information.74 

One of these commenters, a large data aggregator that processes fund information for 

investors, indicated that it must manually extract information from fund HTML filings 

because the structured XBRL filing comes too late for investors’ preferences.75

The 2005 XBRL Voluntary Program for financial statement information has not 

been used for several years, with no submissions during calendar years 2011–2017.

76

III. FINAL AMENDMENTS AND ANTICIPATED ECONOMIC EFFECTS

A. Discussion of the Final Amendments

1. Inline XBRL Requirements 

a. Use of Inline XBRL Format

On March 1, 2017, the Commission proposed rule and form amendments to 

facilitate improvements in the quality and usefulness of XBRL data and, over time, 

 

A December 2016 global survey of members by the CFA Institute, corroborating the results of the 

prior surveys, found that less than half of the respondents (approximately 45%) were aware of 

XBRL and, among those aware of XBRL, a minority of respondents (approximately 23%) use 

financial XBRL data from periodic reports. See CFA Institute Member Survey: XBRL, 

https://blogs.cfainstitute.org/marketintegrity/2016/12/05/do-you-know-what-xbrl-is-a-majority-ofsurvey-respondents-do-not-know/ and https://www.cfainstitute.org/-

/media/documents/survey/xbrl-member-survey-report-2016.ashx (retrieved Jun. 20, 2018).

73 See letters from Federated I and II, Frei, ICI I and II, and USBFS. One of these letters cited 

limited use of XBRL data posted on the filer’s website in connection with the discussion of 

limited XBRL data use. See letter from Federated II.

74 See, e.g., letters from Morningstar (“we use the HTML filings rather than the XBRL filings 

because we can process them and share the information with end investors more quickly than if we 

were to wait for the XBRL filing”) and XBRL US (“[r]isk/return data from mutual funds today is 

not as timely as investors would prefer”). 

75 See letter from Morningstar.

76 A few filers submitted Voluntary Program XBRL exhibits (EX100), but those filings seem to have 

been made in error.
21

decrease filing costs by decreasing XBRL preparation costs.77 The proposed 

amendments would require operating company financial statement information and fund 

risk/return summary information to be submitted in the Inline XBRL format.78 Inline 

XBRL allows filers to embed XBRL data directly into an HTML document, eliminating 

the need to tag a copy of the information in a separate XBRL exhibit. Inline XBRL is 

both human-readable and machine-readable for purposes of validation, aggregation, and 

analysis. The proposed amendments also would eliminate the requirements for filers to 

post Interactive Data Files on their websites and terminate the 2005 XBRL Voluntary 

Program with respect to financial statement information.79 

The majority of commenters generally supported the proposed Inline XBRL 

requirements.80 Many of these commenters specifically supported the proposal to replace 

the XBRL format with the Inline XBRL format for operating company filers,81 while 

several commenters supported applying the proposed Inline XBRL requirements to both 

operating companies and funds.82 Several commenters opposed the proposed Inline 

XBRL requirements for some or all filers.

83

 77 See Inline XBRL Proposing Release.

78 Inline XBRLTM and iXBRLTM are trademarks of XBRL International. XBRL® is a registered 

trademark of XBRL International. The Inline XBRL technology is freely licensed by XBRL 

International. See https://specifications.xbrl.org/spec-group-index-inline-xbrl.html (retrieved Jun.

20, 2018) and https://specifications.xbrl.org/presentation.html (retrieved Jun. 20, 2018). 

79 See note 20 above.

80 See, e.g., letters from ACI, AICPA, CFA Institute, Data Coalition, Deloitte, Grant Thornton, 

Hoffman, IRIS, Lewis, Kumar, Members of Congress, Merrill, Morningstar, Octachoron, Palmer, 

TagniFi, Workiva I, XBRL International, and XBRL US.

81 See, e.g., letters from ACI, AICPA, CFA Institute, Data Coalition, Deloitte, Grant Thornton, 

Hoffman, IRIS, Members of Congress, Merrill, Morningstar, Octachoron, TagniFi, XBRL 

International, XBRL US, and Workiva I.

82 See, e.g., letters from ACI, AICPA, CFA Institute, Data Coalition, Members of Congress, 

Morningstar, XBRL International, and XBRL US. 
22

After considering these comments, we are adopting, substantially as proposed, 

amendments to Rule 405 to require the submission of financial statement information and 

risk/return summary information Interactive Data Files in Inline XBRL.84 Operating 

companies and funds, on a phased in basis, will be required to embed a part of the 

Interactive Data File within an HTML document using Inline XBRL and to include the 

rest in an exhibit to that document. The portion filed as an exhibit to the form will 

contain contextual information about the XBRL tags embedded in the filing. The 

information as tagged will continue to be required to satisfy all other requirements of 

Rule 405, including the technical requirements in the EDGAR Filer Manual. 

The Inline XBRL requirement, similar to the current XBRL requirement, will 

apply to financial statement information in HTML regardless of whether it appears in the 

non-exhibit part of a filing and/or in one or more exhibits. Accordingly, under Inline 

XBRL, tags must be embedded wherever that HTML information appears.

The Commission received a number of comments that addressed data usability, 

quality, and cost issues. Various commenters stated that Inline XBRL would, over time, 

(i) increase the efficiency of review and yield savings of XBRL preparation time and 

cost;85 (ii) potentially improve the quality of XBRL data (by reducing discrepancies 

 

Two of these commenters elaborated on their specific support to replace the XBRL format with 

the Inline XBRL format for risk/return summaries. See letters from Morningstar and XBRL US.

83 See, e.g., letters from Cigna and FEI (opposing the Inline XBRL requirement for financial 

statement information); letters from Hindssight and Pergamit (expressing general opposition to 

Inline XBRL); and letters from Federated I and II, Frei, ICI I and II, and USBFS (opposing the 

Inline XBRL requirement for risk/return summaries). 

84 See new Rule 405(a)(3).

85 See, e.g., letters from ACI, AICPA, CFA Institute, Cigna, Data Coalition, FEI, IRIS, Kumar, 

Lewis, Members of Congress, Merrill, Workiva I, XBRL International, and XBRL US. But see

letter from ICI I (stating that funds will not realize a significant increase in the effectiveness and 
23

between HTML and XBRL data);86 and (iii) increase the data’s usability (through greater 

accessibility and transparency of the data and enhanced capabilities for data users, who 

would no longer have to view the XBRL data separately from the text of the 

documents).87 One commenter stated that while “Inline XBRL will not directly 

contribute to increased quality . . . indirectly, Inline XBRL will contribute to better 

decisions related to the meaning conveyed by the machine-readable XBRL format.”88

Another commenter emphasized the benefit of Inline XBRL “in allowing filers greater 

control over the presentation of financial exhibits.”89 

Several commenters that supported requiring Inline XBRL for financial statement 

information expressed concern that switching to Inline XBRL would not be sufficient to 

significantly improve the quality of financial statement information XBRL data without 

additional measures. Some of these commenters recommended that the Commission 

implement additional validation rules, including the incorporation of XBRL Data Quality 

Committee validation rules.90 Some of these commenters recommended expanding the 

 

efficiency of XBRL preparation) and letter from Pergamit (stating that Inline XBRL would not

yield benefits for filers).

86 See, e.g., letters from ACI, AICPA, CFA Institute, IRIS, Kumar, Lewis, Members of Congress, 

Merrill, Morningstar, Octachoron, Palmer, Ray, XBRL International, and XBRL US. But see, e.g., 

note 107 below (stating that there would not be gains in data quality for risk/return summaries) 

and letters from EY, TagniFi, and Workiva I (stating that there would not be gains in data quality 

for financial statement information).

87 See, e.g., letters from ACI, AICPA, CFA Institute, Deloitte, IRIS, Morningstar, Octachoron, Ray, 

TagniFi, and XBRL US. But see letters from Federated I and II (regarding risk/return summaries) 

and Pergamit.

88 See letter from Hoffman.

89 See letter from Octachoron.

90 See, e.g., letters from AICPA, CFA Institute, Deloitte, TagniFi, Workiva I, XBRL International, 

and XBRL US.
24

scope of auditor assurance to include review of XBRL tags.91 Some commenters

encouraged additional engagement or alignment with other entities such as the Financial 

Accounting Standards Board (“FASB”), the IASB, and international regulators who are 

also using the Inline XBRL format.92 

We continue to analyze the data quality of submissions made in XBRL and Inline 

XBRL, as well as monitor developments related to the XRBL standard and the Inline 

XBRL specification. If additional technical rules within the EDGAR environment are 

deemed necessary, they may be reflected in updates to the EDGAR Filer Manual, but we 

are not imposing additional XBRL validation requirements at this time. We note that 

filers, vendors, and filing agents are currently able to voluntarily incorporate validation 

rules into their software and that the Commission makes available various tools to assist 

XBRL filers. Moreover, filers remain subject to Rule 405(c) of Regulation S-T, which 

imposes certain fundamental data quality requirements on Interactive Data File 

submissions.93

Regarding our engagement with other entities such as the FASB, we note that the 

staff actively engages with the FASB over the development of the U.S. GAAP Taxonomy 

throughout the year. For example, the staff reviews and consults on the taxonomy 

development process, taxonomy changes, and comments received from the public. We 

 91 See, e.g., letters from AICPA, CFA Institute, Deloitte, EY, Grant Thornton, Hoffman, XBRL 

International, and XBRL US.

92 See, e.g., letters from AICPA, EY, and XBRL International.

93 17 CFR 232.405(c)(1). In particular, each data element in the Interactive Data File must reflect 

the same information in the corresponding data in the Related Official Filing; data elements 

contained in the corresponding data in the Related Official Filing may not be changed, deleted, or 

summarized in the Interactive Data File; and each data element contained in the Interactive Data 

File must be matched with an appropriate tag from the most recent version of the standard list 

of tags specified by the EDGAR Filer Manual, with a new special element required to be created 

and used only if an appropriate tag does not exist in the standard list.
25

continue to encourage all members of the public to submit any comments they may have 

to improve the U.S. GAAP Taxonomy to the FASB. As we have noted throughout this 

release, we are aware of various developments that could impact the Commission’s 

XBRL requirements and will continue to monitor those developments as filers transition 

to Inline XBRL.

With respect to expanded auditor assurance, one commenter stated that a recent 

survey of its members found that “77 per cent of respondents wish to have assurance of 

the tagged data.”94 Another commenter stated that “audit committees are likely to request 

that auditors perform a separate attestation engagement to provide an opinion on the 

accuracy and consistency of the XBRL formatted information, and issue a report” in 

order “to provide investors additional confidence in the iXBRL formatted information.”95 

However, a different commenter stated that XBRL data cannot be audited because tag 

selection is subjective and no accounting standards are applicable.96 

As the Commission stated in the Inline XBRL Proposing Release, the proposed 

amendments were intended to modernize existing financial statement information XBRL 

requirements to incorporate developments in the XBRL technology since the 2009 

adoption of these requirements. The proposal did not contemplate any changes to the 

application of officer certifications or auditor assurance requirements to XBRL data.97 In 

particular, the Commission noted that, because the proposed amendments related only to 

the manner of submitting the Interactive Data File and not the data that comprises the 

 94 See letter from CFA Institute.

95 See letter from AICPA.

96 See letter from Workiva I.

97 See Inline XBRL Proposing Release, at 14297, n. 181 and accompanying text.
26

Interactive Data File, it was not proposing to change the existing positions pertaining to 

the exclusion of the Interactive Data File from the officer certification and assurance 

requirements.98 Consistent with the proposal, we are not making any such changes at this 

time. 

Several commenters recommended clarifying that financial statement information 

XBRL data under the new Inline XBRL requirement would not be subject to auditor 

assurance in order to address a potential “expectations gap” that might arise if XBRL data 

is embedded in a document containing HTML financial statements subject to auditor 

assurance. Commenters had different suggestions on how to communicate the auditor’s 

responsibility related to financial statement information XBRL data, such as by including 

some form of reporting mechanism or disclosure within the filing, or by having the 

Commission re-affirm its position from the Inline XBRL Proposing Release that there is 

no change in auditor responsibility.99

 98 Id. Currently, the financial statement information Interactive Data File is excluded from the 

officer certification requirements under Rules 13a-14(f) and 15d-14(f) of the Exchange Act [17 

CFR 240.13a-14 and 240.15d-14]. Furthermore, auditors are not required to apply AS 2710 

(Other Information in Documents Containing Audited Financial Statements), AS 4101 

(Responsibilities Regarding Filings Under Federal Securities Statutes), or AS 4105 (Reviews of 

Interim Financial Information) (prior to December 31, 2016, AU Sections 550, 711, and 722, 

respectively) to the Interactive Data File submitted with a company’s reports or registration 

statements. In addition, filers are not required to obtain assurance on their Interactive Data File or 

involve third parties, such as auditors or consultants, in the creation of their Interactive Data File. 

See 2009 Financial Statement Information Adopting Release, at 6796–6797. However, the 

Commission has previously stated that XBRL is part of an issuer’s disclosure controls and 

procedures. See 2009 Financial Statement Information Adopting Release, at 6797. 

Risk/return summary information Interactive Data File requirements do not require funds to 

involve third parties, such as auditors or consultants, in the creation of the interactive data 

provided as an exhibit to a fund’s Form N-1A filing, including assurance. With respect to 

registration statements, SAS 37 (currently AS 4101) was issued in April 1981 to address the 

auditor’s responsibilities in connection with filings under the federal securities statutes. With 

respect to existing risk/return summary information Interactive Data File requirements, an auditor 

is not required to apply AS 4101 to the Interactive Data File. See 2009 Risk/Return Summary 

Adopting Release, at 7760–7761 and footnote 183.

99 See, e.g., letters from AICPA, Deloitte, EY, and Grant Thornton.
27

Consistent with the suggestions of these commenters, we are reiterating that the 

change from the XBRL format to the Inline XBRL format does not change the 

Commission’s positions with respect to officer certifications and auditor assurance.

Accordingly, we are not requiring additional transparency regarding auditors’ 

responsibilities related to financial statement information XBRL data at this time. 

However, consistent with the existing XBRL requirements, issuers would not be 

prohibited from indicating in the financial statements (such as in a footnote) the degree 

(or lack thereof) of auditor involvement related to the financial statement information 

XBRL data.100

A few commenters cited concerns about the burden of transition to Inline 

XBRL.101 The amendments address transition issues through the use of a staggered 

phase-in period, discussed in greater detail in Section III.A.1.c below. Further, in 

response to commenter concerns, we are making certain modifications from the proposed 

compliance dates to help filers address any transition issues. In particular, in response to 

commenters’ suggestions, the amendments include an additional transition 

accommodation for operating companies whereby Inline XBRL will be required for the 

first Form 10-Q for a fiscal period ending on or after the applicable compliance date, 

which is intended to further facilitate the transition to Inline XBRL. The amendments 

also modify the phase-in period for funds to provide funds and vendors with additional 

time to transition to Inline XBRL for risk/return summaries and to modify their processes 

 100 See 2009 Financial Statement Information Adopting Release, at 6796.

101 See, e.g., letters from Cigna and FEI (regarding the burden of transition for operating companies); 

Hindssight (expressing concern about costs but not specifying whether it pertained to operating 

companies or funds); Federated I and II, Frei, ICI I and II, and USBFS (regarding the burden of 

transition for funds).
28

for preparing and reviewing these filings to accommodate the elimination of the 15 

business day filing period. We believe that these aspects of the amendments will help to 

mitigate the burden of transition to Inline XBRL.

As proposed, the amendments will also require risk/return summary information 

to be submitted in Inline XBRL.102 Among commenters that addressed the Inline XBRL 

requirement for funds, several commenters expressed support for Inline XBRL for 

risk/return summaries.

103 Some of these commenters cited the potential benefits of

increased timeliness and usability of XBRL data to investors and other data users.

104 

They also described economies of scale that funds may realize from their vendors 

providing an XBRL preparation process that is consistent with operating companies 

under a single standard specification.

105 Several commenters opposed the Inline XBRL 

requirement for risk/return summaries.106 These commenters stated that there are few, if 

any, data quality issues with risk/return summary XBRL data today and concluded that 

Inline XBRL would not improve the quality of risk/return summary XBRL data.

107 One 

 102 See new Rule 405(a)(3)(ii) of Regulation S-T. 

103 See, e.g., letters from ACI, AICPA, CFA Institute, Data Coalition, Members of Congress, 

Morningstar, XBRL International, and XBRL US.

104 See letters from Morningstar and XBRL US.

105 Id.

106 See, e.g., letters from Federated I and II; Frei; ICI I and II; and USBFS. In addition, two 

commenters generally opposed Inline XBRL without stating whether their opposition was specific 

to funds or operating companies. See letters from Pergamit and Hindssight.

107 See letters from ICI (reiterating the observation in the Inline XBRL Proposing Release that, 

compared to financial statements of operating companies, mutual fund risk/return summaries have 

fewer instances in which numeric data is embedded into text and the data is generally more 

standardized as a reason why, in the commenter’s view, data quality is not an issue for mutual 

fund risk/return summaries) and USBFS (stating that it was not aware of any XBRL filing data 

quality issues affecting the funds serviced by the commenter or any other funds in the industry). 
29

commenter stated that the proposed Inline XBRL requirements for funds do not have 

tangible benefits for investors and impose costs that would outweigh any benefits.108

Commenters also expressed differing views regarding the extent to which 

investors, Commission staff, and academics use the fund information submitted in 

XBRL. Some commenters stated that XBRL data filed by funds is little used by 

investors109 or data aggregators.

110 Others stated that it was used by data aggregators 

and, if more timely provided, its use by data aggregators and, indirectly, by investors, 

would increase.

111 Two commenters observed that the current 15 business day filing 

delay decreases the usefulness of this data as a means of providing timely information to 

investors and stated that they or others would make greater use of this data if we 

eliminated the delay.

112

After considering the input of commenters, we continue to believe that it is 

important for risk/return summary information to be provided in an XBRL format and 

that this format be as usable for investors and other data users as possible. We 

 108 See letter from Federated II. 

109 See letters from Federated I (stating that it does “not believe that either XBRL, or the proposed 

iXBRL filing and posting requirements are (or would be) useful to investors.”); Federated II; Frei 

(“There has been no evidence that the SEC staff, academics, or every day investors uses [sic] this 

data.”); ICI I (stating that investors generally do not use XBRL tagged risk/return summary 

information and instead obtain this risk/return information in human-readable form from fund 

prospectuses, on fund websites, or on third party information provider websites.”); ICI II; USBFS 

(stating that the XBRL data is generally not used by investors, investment advisers, or brokerdealers in making investment decisions or recommendations).

110 See letter from ICI (stating that its members provide data directly to many information providers 

and further noting that these information providers separately extract data from HTML filings). 

111 See letters from Frei and USBFS (referencing XBRL data use by data aggregators) and XBRL US 

(noting Morningstar’s support of eliminating the 15 day filing period as it would allow them to use 

the XBRL data to more rapidly disseminate fund data to investors).

112 See letters from Morningstar (noting that it currently uses the HTML filings rather than the XBRL 

filings because it can process and share the information with investors more quickly than if it were 

to wait for the XBRL filing) and XBRL US (stating that the elimination of the 15 business day 

period would make XBRL data much more valuable to data providers and investors).
30

understand, based on commenter input, that many investors obtain risk/return summary 

information through data aggregators but that they may seek it out more quickly than it is 

currently available in XBRL through fund submissions. To meet this demand for more 

timely data, one data aggregator manually extracts the risk/return summary information 

from fund HTML or ASCII filings over a period of days rather than wait up to 15 

business days for the XBRL filings. We further understand, based on commenter input, 

that transitioning to Inline XBRL will allow risk/return summary information to reach 

investors via aggregators in hours, rather than days, after a Related Official Filing. As a 

result, we expect that more timely XBRL data will lead to increased use of that data by 

third-party data aggregators already in the market. We also anticipate that data 

aggregators with fewer resources or any new entrants to the data aggregation market

would be better positioned to compete to provide information products to investors based 

on fund risk/return summaries if timely delivery does not require the resources necessary 

to tag the information manually. Investors will also be able to take further advantage of 

the XBRL data in ways that were not possible before. Because the Inline XBRL format 

embeds XBRL within the HTML document, investors can use their own web browser to 

view the embedded XBRL data and metadata within the context of the Related Official 

Filing, without having to download the information into any separate applications for 

review and analysis.

Contrary to some commenters’ statements that this data is little used, risk/return 

summary XBRL data is accessed on EDGAR on a regular basis.113 We also disagree 

with commenters who suggested that investors do not benefit when data aggregators use 

 113 See Section II.B.3 above.
31

XBRL data.

114 These aggregators typically use this data to provide information to 

investors, and funds are primarily held by retail investors, who often look to third party 

information sites when evaluating various funds for investment. 

Preparing Inline XBRL filings involves embedding XBRL tags into the HTML 

document. This single-document approach should create long-term benefits by removing 

a separate workflow of checking the numbers and text in the original HTML filing for 

consistency with the numbers and text in the separate XBRL filing and the related time 

demands that entails—time demands that currently contribute towards much later filings 

by funds and less timely information for fund investors. 

Several commenters indicated that funds would not realize cost savings from 

Inline XBRL and that funds would incur significant costs of transition to Inline XBRL, 

which would be compounded by the elimination of the 15 business day filing period and 

would outweigh any benefits.

115 One commenter stated that its members do not 

anticipate a significant increase in the efficiency and effectiveness of their filing 

processes from the shift to Inline XBRL.

116 Two commenters stated that a number of 

funds currently use a standalone approach to XBRL preparation and thus may require 

significant changes in XBRL preparation workflow to transition to Inline XBRL.117 One 

of these commenters further indicated that the Commission may have overestimated the 

 114 See, e.g., letters from Federated II, Frei, ICI II, and USBFS.

115 See letters from Federated I and II, Frei, ICI I and II, and USBFS.

116 See letter from ICI I. 

117 See letters from USBFS and XBRL US. Another commenter referenced the comment letter by 

USBFS (stating that “at least one large filing vendor believes that the SEC’s proposal may have 

significantly underestimated the cost of implementing iXBRL tagging in the mutual fund context, 

particularly for smaller registrants”). See letter from ICI II.
32

proportion of funds that use an integrated approach to XBRL preparation.118 According 

to this commenter, while funds that use “the largest financial printers” are likely well 

positioned to comply with the Inline XBRL requirement, funds that instead rely on other 

service providers for preparing and submitting XBRL filings (e.g., law firms, 

administrators, in-house advisory firm personnel, and smaller financial printers) will be 

forced to incur significant costs and potentially change vendors.119 Thus, the commenter 

asserted, the Inline XBRL Proposing Release significantly underestimated the costs of 

transitioning to Inline XBRL for funds, particularly for smaller filers.

We recognize that many funds today prepare and file an HTML or ASCII version 

of risk/return information in the Related Official Filing and then, up to 15 business days 

later, prepare and file a separate XBRL exhibit with this same risk/return information. As 

a result, many funds may incur one-time costs to change their workflow processes as they 

transition to filing this information in an Inline XBRL format without this extended filing 

period. We acknowledge that this may cause some funds to change vendors or software 

products used to create these filings, and that these transition costs will likely be greater 

than estimated in the Proposing Release.120 However, we believe that the improved data 

usability that Inline XBRL offers, particularly when combined with the more efficient 

Inline XBRL process that reduces the need for the extended filing period, provides

benefits to investors that justify these initial costs to funds.

Accordingly, we are adopting Inline XBRL and the related elimination of the 15 

business day filing period for fund risk/return summaries. However, in light of the 

 118 See letter from USBFS.

119 Id. We note, however, to the extent funds rely on other service providers to prepare and submit 

XBRL filings, those service providers in turn may be relying on financial printers.

120 See letters from Federated I and II, ICI I and II, and USBFS.
33

comments and to help funds address transition issues, we are extending the proposed 

phase-in for risk/return summary Inline XBRL requirements, as discussed in greater 

detail in Section III.A.1.c below. After careful consideration, we continue to believe that 

the amendments to risk/return summary XBRL requirements to reflect the evolution of 

XBRL technology will offer benefits to data users and further believe that the modified 

compliance dates provide sufficient time for filers, software vendors, and filing agents to 

transition to Inline XBRL. 

b. Timing of Submission of Interactive Data File 

The Commission did not propose any changes to the timing of the required 

submission of the financial statement information XBRL data, nor are we adopting any, 

and operating companies will generally continue to be required to submit the Interactive 

Data File with the filing. 

With respect to risk/return summary information, currently an Interactive Data 

File for a Form N-1A filing, whether the filing is an initial registration statement or a 

post-effective amendment to it, must be submitted as an amendment to the registration 

statement to which the Interactive Data File relates.121 That amendment with the 

Interactive Data File also must be submitted after the registration statement or posteffective amendment that contains the related information becomes effective but not later 

than 15 business days after the effective date of that registration statement or posteffective amendment.122 

 

121 General Instruction C.3.(g)(i) to Form N-1A.

122 Id. 
34

Funds also are required to submit an Interactive Data File for any form of 

prospectus filed that includes risk/return summary information that varies from the 

registration statement.123 In the case of those filings, however, funds are permitted to file 

the Interactive Data File concurrently with the filing or up to 15 business days subsequent 

to the filing.124 As the Commission noted in the 2009 Risk/Return Summary Adopting 

Release, the period of 15 business days was intended both to provide funds with adequate 

time to prepare the exhibit and to make the interactive data available promptly.125 

i. Concurrent Submissions with Certain Post-Effective Amendment Filings

To help facilitate efficiencies in the fund post-effective amendment filing process, 

the Commission proposed to permit funds to submit Interactive Data Files concurrently 

with certain post-effective amendments to fund registration statements.126 The 

Commission proposed this change in recognition of the fact that, in its experience, posteffective amendments filed pursuant to these paragraphs of Rule 485 generally are not 

subject to further revision.127 

 123 See General Instruction C.3.(g)(ii) to Form N-1A.

124 Id.

125 See 2009 Risk/Return Summary Adopting Release, at 7754, n. 97 and accompanying and 

following text. 

126 See proposed General Instruction C.3.(g)(i)(B) to Form N-1A. 

127 With the exception of post-effective amendments filed pursuant to Rule 485(b)(1)(iii), a posteffective amendment filed under Rule 485(b)(1) may become effective immediately upon filing.

Paragraph (b)(1)(i) of Rule 485 permits a post-effective amendment filing for the purpose of 

bringing the financial statements up to date under Section 10(a)(3) of the Securities Act or Rule 3-

12 or 3-18 of Regulation S-X. 17 CFR 210.3-12 and 210.3-18.

Paragraph (b)(1)(ii) of Rule 485 permits a post-effective amendment filing for the purpose of 

complying with an undertaking to file an amendment containing financial statements, which may 

be unaudited, within four to six months after the effective date of the registrant’s registration 

statement under the Securities Act.

Paragraph (b)(1)(v) of Rule 485 permits a post-effective amendment filing for the purpose of 

making any non-material changes which the registrant deems appropriate.
35

We received one comment letter on this aspect of the proposal. The commenter 

expressed support for the proposed amendment, believing that administrative costs would 

be reduced relative to making a separate filing for submitting the XBRL data.128 After 

considering commenter input, and to provide funds with flexibility to achieve cost and 

administrative efficiencies, we are adopting the amendments as proposed.129

ii. 15 Business Day Filing Period

To improve the timeliness of the availability of risk/return summary XBRL 

information, the Commission proposed to eliminate the 15 business day filing period for 

the submission of the Interactive Data File accorded to all fund filings containing 

risk/return summaries (initial registration statements; post-effective amendments; and 

forms of prospectuses that include risk/return summary information that varies from the 

registration statement). At the same time, the Commission sought comment on whether a 

different length filing period might be more appropriate. In proposing to mandate the use 

of Inline XBRL, the Commission noted that Inline XBRL involves embedding XBRL 

data directly into the filing. Inline XBRL thereby reduces the need for this filing delay, 

which is typically used to prepare and review a separate XBRL-only filing. 

 

Paragraph (b)(1)(vii) of Rule 485 permits a post-effective amendment filing for any other purpose 

which the Commission shall approve.

128 See letter from Federated I (stating that it is “generally in support of allowing mutual funds to 

submit the interactive data files concurrently with certain post-effective amendments as we believe 

this would reduce administrative costs associated with filing interactive data separately”).

129 See new General Instruction C.3.(g) to Form N-1A; see also new Rule 405(a)(3)(ii) of Regulation 

S-T. The amendments to these two provisions have the result of permitting fund filers to submit 

XBRL data concurrently with the Related Official Filing.
36

Two commenters supported the Commission’s proposal to eliminate the 15 

business day filing period.130 These commenters noted that the elimination of the 15 

business day filing period would allow data aggregators to process and share the 

information more quickly with investors, who are the end-users. This is because 

aggregators would no longer have to either wait 15 business days or manually extract 

information from the HTML or ASCII version of the risk/return summary in order to 

provide the information to investors in a more timely manner, which itself takes time.

131 

One commenter, while supporting elimination of the current filing period, noted that 

funds are “accustomed to taking advantage of the 15-day grace period” and so would 

need to enact major workflow changes if this period is eliminated, likely requiring 

increased staffing levels and resulting in higher costs for both funds and their vendors.132

This commenter also acknowledged that funds may encounter greater challenges than 

operating companies under the proposed amendments, given that many fund complexes 

must make multiple, simultaneous filings for the funds they sponsor or manage.133 This 

commenter asked the Commission to consider giving funds more time to make the 

transition to Inline XBRL due to these challenges, but nevertheless urged the 

Commission to adopt the proposal, believing that moving the marketplace to a single 

standard—Inline XBRL—would be “beneficial to all stakeholders over the long-term.”134

 130 See letters from Morningstar and XBRL US.

131 Id.

132 See letter from XBRL US.

133 Id. See also letters from Federated II (stating that it submitted 1,291 filings, in addition to 336 

XBRL filings, in the past calendar year for its funds) and ICI II (referencing the letter from 

Federated II).

134 See letter from XBRL US.
37

Three commenters expressed concerns about the costs, changes in workflow, and 

loss of flexibility associated with the elimination of the 15 business day filing period.135 

Two commenters proposed that the Commission preserve the 15 business day filing 

period to allow funds time to work through any technical difficulties that may occur with 

the tagging process and review and approve the tagged filings.

136 These commenters also 

stated that, for those funds that mail the prospectus and shareholder report together, the 

shorter timeframe for Inline XBRL review would increase the likelihood of having to 

mail the prospectus and shareholder report separately, which if it occurred, would 

increase the mailing costs for fund shareholders.137 

One commenter did not support eliminating the current XBRL filing period, but 

stated that funds would not be burdened by shortening this period from 15 business days 

to 10 business days.138 Another commenter suggested, as an alternative, shortening the 

15 day timeframe to 7 days.

139 

After evaluating comments received on this issue, and in light of our decision to 

require the use of Inline XBRL for fund filers as proposed, we are eliminating the current 

15 business day filing period for risk/return summary XBRL data. As a result: 

• For post-effective amendments filed pursuant to paragraph (b)(1)(i), (ii), (v), 

or (vii) of Rule 485, Interactive Data Files must be filed either concurrently 

with the filing or in a subsequent amendment that is filed on or before the date 

 135 See letters from Federated I and II, ICI I and II, and USBFS.

136 See letters from ICI I and II and Federated I and II. 

137 Id. One of these commenters estimated the additional mailing costs of sending the prospectuses 

separately at approximately $1.5 million per year. See letter from Federated II.

138 See letter from USBFS. 

139 See letter from ICI II.
38

that the post-effective amendment that contains the related information 

becomes effective;140

• For initial registration statements and post-effective amendments filed other 

than pursuant to paragraph (b)(1)(i), (ii), (v), or (vii) of Rule 485, Interactive 

Data Files must be filed in a subsequent amendment on or before the date the 

registration statement or post-effective amendment that contains the related 

information becomes effective;141 and

• For any form of prospectus filed pursuant to Rule 497(c) or (e), funds must

submit the Interactive Data File concurrently with the filing.142

We recognize that many funds will experience changes in workflow and 

associated costs once the filing period is eliminated. However, we believe that 

eliminating the 15 business day filing period will significantly improve the timely 

availability of risk/return summary XBRL information for investors, other market 

participants, and other data users, yielding substantial benefits. Two commenters 

indicated that the benefits of XBRL data are currently not being realized for many 

potential data users, including data aggregators and (indirectly) investors, due to the filing 

period.

143 For data aggregators responding to demand for the data earlier than 15 

business days after the effective date of the related filing, eliminating this period will 

remove the need for time-consuming manual extraction of this information from HTML 

or ASCII filings and allow data aggregators to obtain this data earlier, thereby expediting

 

140 See new General Instruction C.3.(g)(i)(B) to Form N-1A.

141 See new General Instruction C.3.(g)(i)(A) to Form N-1A.

142 See new General Instruction C.3.(g)(ii) to Form N-1A.

143 See letters from Morningstar and XBRL US. 
39

the availability of the data and related analysis to investors.144 Further, the transition of 

funds to Inline XBRL will entail embedding XBRL tags into the HTML filing, reducing 

the need for a separate XBRL filing period.

In addition, eliminating the current 15 day filing period could have other, indirect 

beneficial effects. We understand some funds currently provide more timely return 

information to some data aggregators. However, funds do not provide other information 

contained in the risk/return summary information on a more timely basis, such as fee and 

risk information, which data aggregators also use to provide information products to 

investors. Providing more timely XBRL data may enable data aggregators to better 

compete in providing timely information to investors. Today, only those aggregators 

with sufficient resources to manually extract this information from the text filings can 

respond to demands to provide investors with more timely data. Further, in the staff’s 

experience, risk/return summary information is relatively standardized and the list of 

XBRL data elements that are tagged in the risk/return summary should not vary 

substantially from period to period, minimizing the impact of workflow changes in this

area. Therefore, we do not see a compelling reason to retain even a shortened filing 

period, such as 10 or 7 days, and note that any delayed filing period would undermine the 

timeliness and usability benefits. 

We also note that, while funds may currently use the 15 business day filing period 

to review the XBRL data, operating companies prepare, review, and file XBRL data 

without an additional filing period. Compared to fund filings with risk/return summaries, 

operating company XBRL filings entail a more complex taxonomy, with more data 

 

144 Id.
40

elements, as well as more instances of numeric data being embedded into text. Studies 

have shown that concurrent submission of the HTML and XBRL data for operating 

companies began with a standalone approach and over time transitioned to an integrated 

approach as technology developed to achieve efficiencies.145 For example, one recent 

study found that the median small filer paid $10,000 or less for fully outsourced XBRL 

preparation.146 Similarly, preliminary statistics from a pricing survey being conducted by 

the AICPA and XBRL US indicate that the cost of XBRL formatting has declined 41% 

since 2014 and that the average cost of XBRL preparation for small reporting companies 

in 2017 averaged $5,850 per year.147 The experience of operating companies leads us to 

believe that, while many funds may not currently use an integrated approach to XBRL 

preparation and filing, with the concurrent HTML and XBRL filing, funds will likely 

transition to an integrated approach to achieve efficiencies. We would expect, after the 

initial transition, the costs to funds of preparing and reviewing XBRL submissions using 

an integrated approach similarly to go down over time, as they have for operating 

companies.

 145 See Trevor S. Harris and Suzanne Morsfield, “An Evaluation of the Current State and Future of 

XBRL and Interactive Data for Investors and Analysts”—“White Paper Number Three,” 

Columbia Business School Center for Excellence in Accounting and Security Analysis (December 

2012), 

https://www8.gsb.columbia.edu/rtfiles/ceasa/An%20Evaluation%20of%20the%20Current%20Stat

e%20and%20Future%20of%20XBRL%20and%20Interactive%20Data%20for%20Investors%20a

nd%20Analysts.pdf (retrieved Jun. 20, 2018), at 38 (stating that filers have transitioned over time 

to integrated disclosure management solutions). Consistent with this observation, approximately 

71% of operating company filers relied on integrated solutions in the 2013 FERF survey, 

compared to approximately 54% of operating company filers in the 2012 FERF survey. See FERF 

Study, at 6; William Sinnett, SEC reporting and the impact of XBRL: 2012 survey, Financial 

Executives Research Foundation (Nov. 15, 2013), at 25-26.

146 See AICPA Study.

147 See note 57 above.
41

We anticipate that the technology and related workflow changes that accompany

the transition to Inline XBRL will partly mitigate the concern about certain fund groups 

having to mail prospectuses separately if the 15 business day filing period is eliminated,

because XBRL tags will be embedded in the HTML filing. In addition, based on staff 

analysis of fund filing data on EDGAR, most fund groups currently mail prospectuses 

and shareholder reports separately. Finally, recently adopted 17 CFR 270.30e-3 (“Rule 

30e-3” under the Investment Company Act) will provide certain registered investment 

companies with an optional method to satisfy their obligations to transmit shareholder 

reports by making such reports and other materials accessible at a website address and 

mailing investors a short paper notice indicating how to access the reports.

148 This 

change may reduce the mailing costs associated with shareholder reports, thereby 

potentially mitigating some of these concerns.

The amendments eliminating the 15 business day filing period do not change the 

liability provisions related to the Interactive Data File. One commenter recommended a 

temporary modification to the liability provisions pertaining to the Interactive Data File 

for risk/return summary filings following the elimination of the 15 business day filing 

period, similar to the temporary modified liability provision that was put in place when 

the XBRL requirements were adopted in 2009.

149 Given that we have delayed 

compliance with the Inline XBRL requirement and the elimination of the 15 business day 

period until two years after the effective date for funds that, together with other 

 

148 See Release No. IC-33115 (June 5, 2018) 83 FR 29158.

149 See letter from Federated II.
42

investment companies in the same “group of related investment companies,”150 have net 

assets of $1 billion or more as of the end of their most recent fiscal year (“large fund 

groups”) and three years after the effective date for small fund groups, as discussed in 

greater detail in Section III.A.1.c below, we do not believe that such a temporary liability 

modification is necessary. 

c. Phase-In of the Inline XBRL Requirements 

We are adopting phased compliance dates substantially as proposed, with 

modifications to further mitigate the potential burden of the initial transition on filers and 

preparers:

Operating Companies Compliance Date151

Large accelerated filers that prepare their 

financial statements in accordance with 

U.S. GAAP

Fiscal periods ending on or after June 15, 

2019

Accelerated filers that prepare their 

financial statements in accordance with 

U.S. GAAP 

Fiscal periods ending on or after June 15, 

2020

All other filers Fiscal periods ending on or after June 15, 

2021

Funds Compliance Date

Any initial registration statement (or post-

 150 For these purposes, the definition of a “group of related investment companies” is the same as the 

term defined in Rule 0-10 under the Investment Company Act [17 CFR 270.0-10]. Rule 0-

10(a)(1) defines the term as applied to management investment companies as two or more 

management companies (including series thereof) that (i) hold themselves out to investors as 

related companies for purposes of investment and investor services; and (ii) either (A) have a 

common investment adviser or have investment advisers that are affiliated persons of each other,

or (B) have a common administrator. We believe that this broad definition would encompass most 

types of fund complexes and therefore is an appropriate definition for compliance date purposes.

151 Form 10-Q filers will not become subject to the Inline XBRL requirements with respect to Form 

10-K or any other form, however, until after they have been required to comply with the Inline 

XBRL requirements for their first Form 10-Q for a fiscal period ending on or after the applicable 

compliance date for the respective category of filers.
43

effective amendment that is an annual 

update to an effective registration 

statement) that becomes effective on or 

after:

Large fund groups September 17, 2020 (two years after the 

effective date of the amendments)

Small fund groups September 17, 2021 (three years after the 

effective date of the amendments)

Except as noted below, based on the information on vendor readiness provided by 

commenters and the staff’s observations of developments in the XBRL preparation 

industry and experience with voluntary Inline XBRL filings pursuant to the Exemptive 

Order, we are adopting a three-year phase-in for operating companies, as proposed: (i) 

large accelerated filers that prepare their financial statements in accordance with U.S. 

GAAP will be required to comply with Inline XBRL for financial statements for fiscal 

periods ending on or after June 15, 2019; (ii) accelerated filers that prepare their financial 

statements in accordance with U.S. GAAP will be required to comply with Inline XBRL 

for financial statements for fiscal periods ending on or after June 15, 2020; and (iii) all 

other operating company filers that are subject to financial statement information XBRL 

requirements, including foreign private issuers (“FPIs”)

152 that prepare their financial 

statements in accordance with IFRS, will be required to comply with Inline XBRL for 

financial statements for fiscal periods ending on or after June 15, 2021.153 

In a modification from the proposal, in response to comments,154 domestic form 

filers155 will be required to comply beginning with their first Form 10-Q for a fiscal 

 152 See Rule 405 under the Securities Act [17 CFR 230.405] and Rule 3b-4(c) under the Exchange 

Act [17 CFR 240.3b-4(c)].

153 See new Rule 405(f)(1)(i).

154 See note 161 below.

155 Form 20-F and 40-F filers do not have quarterly report filing obligations and are therefore not 

affected by this provision.
44

period ending on or after the applicable compliance date, as opposed to the first filing for 

a fiscal period ending on or after that date, to enable filers to gain experience with Inline 

XBRL through less complex filings.156 This approach is similar to the approach in the 

2009 Financial Statement Information Adopting Release, which was intended to facilitate 

the transition of filers to financial statement information XBRL requirements.

Most commenters that addressed the proposed phase-in for operating companies 

supported it.157 Some commenters supported the general phase-in approach but 

recommended postponing the compliance dates until after the third quarter of 2018 or 

creating a fourth early phase-in category for the largest 500 filers.158 One of these 

commenters supported the phase-in for smaller filers because of potential cost increases 

during the transition period and specifically suggested that emerging growth companies 

(“EGCs”)

159 be added to the third phase-in category.160 Several commenters proposed 

adjusting the compliance dates for the Inline XBRL requirement so that they initially 

apply to quarterly reports on Form 10-Q rather than Form 10-K, due to the lower 

complexity of Form 10-Q.

161 

 156 As an example, a Form 10-Q filer in the first phase-in group with a calendar fiscal year end will be 

required to begin compliance with the Inline XBRL requirement with its Form 10-Q for the period 

ending June 30, 2019. As a further example, a Form 10-Q filer in the first phase-in group with a 

June 30 fiscal year end will be required to begin compliance with the requirement with its Form 

10-Q for the period ending September 30, 2019.

157 See, e.g., letters from AICPA, Kumar, Merrill, and XBRL US (also citing a survey of filers among 

which 71% supported a phase-in and 13% did not, while 52% thought that one year was the right 

amount of time before the first phase of filers is required to comply).

158 See, e.g., letters from EY and FEI.

159 See Rule 405 under the Securities Act and Rule 12b-2 of the Exchange Act [17 CFR 240.12b-2].

160 See letter from BIO.

161 See, e.g., letters from AICPA, EY, and Kumar. 
45

Some commenters expressed a concern about the initial transition of operating 

companies to Inline XBRL because not all software vendors and filing agents are 

currently Inline-capable.162 One of those commenters stated that the relative burden of 

initial transition for filers would depend on vendor readiness and that compliance dates 

should reflect this.163 However, two commenters opposed a phase-in, stating that the 

costs of Inline XBRL transition would be minimal and that the phase-in would lower the 

benefits to data users.164 One of those commenters suggested that compliance should 

begin with quarterly filings ending on or after June 15, 2019.165 In addition, a number of 

commenters stated that the Inline XBRL transition would involve either no burden or 

only a small burden for filers and preparers because many vendors already include the 

Inline XBRL capability as part of their software package or could easily incorporate it as 

they have for their foreign customers that are required to use Inline XBRL for other 

reporting purposes.166 Several commenters also stated that the Inline XBRL transition 

would have little impact on data users’ existing processes for analyzing XBRL data and 

that many of them already use Inline XBRL data from foreign jurisdictions.167

 162 See, e.g., letters from Cigna and FEI. 

163 See letter from FEI.

164 See letters from Workiva I and CFA Institute.

165 See letter from Workiva I.

166 See, e.g., letters from ACI; IRIS; Workiva I; Merrill; XBRL US (“At the latest, all XBRL US 

vendor members will be ready to file using inline XBRL by the second quarter of 2019.”).

167 See, e.g., letters from Morningstar; Octachoron; TagniFi; XBRL US (“We held informal 

discussions with several of these organizations ranging from startup companies . . . to large 

established organizations . . . These organizations, which today use XBRL-formatted US 

corporate data, indicated that extracting data from Inline XBRL is the same as extracting data from 

conventional XBRL files. Several indicated that they have already begun to use Inline XBRL 

given its availability in other non-US markets. Of these, the cost to do so was minimal, requiring 

zero to little change to their current process.”). 
46

After considering commenter input, we are not introducing additional phase-in 

categories, postponing the compliance date for EGCs, or making further modifications to 

the phase-in for operating companies. We do not believe that the potential incremental 

benefits to some filers from such changes would offset the increased complexity and 

delays of the benefits of Inline XBRL for market participants and other data users. EGCs 

will be required to comply beginning with fiscal periods ending on or after June 15, 2020,

or June 15, 2021, depending on filer status and basis of accounting. Because the relative 

burden for filers of the fixed costs of initial transition to Inline XBRL, if any, is likely to 

depend on filer size, we believe that this approach provides smaller EGC filers, and other 

smaller filers, with sufficient time to transition to Inline XBRL.

With respect to funds, the Commission proposed a two-year phase-in based on net 

asset size. Specifically, for large fund groups, it proposed a compliance date of one year 

after the effective date to comply with the new requirements. For small fund groups, the 

Commission proposed a compliance date of two years after the effective date, to provide 

these filers with an additional year to comply with the new requirements. 

Several commenters expressed concerns about the workflow and vendor changes 

that may be required for funds to transition to Inline XBRL and adjust to the elimination 

of the 15 business day filing period.168 In particular, one commenter stated that “to the 

extent the Commission determines to proceed in adopting the Proposed Rule, we 

encourage the Commission to provide mutual funds and their filing agents a minimum of 

two years to plan for and implement the changes needed to comply with the Proposed 

 168 See notes 115-119 above and accompanying text.
47

Rule.”169 Another commenter stated that one year would not be “a realistic timeframe for 

implementation of the proposed amendments” and suggested 18 months “as a more 

achievable compliance date.”170 Another commenter supported the Inline XBRL 

requirement for funds and the elimination of their 15 business day filing period but 

suggested that “the Commission may want to consider giving mutual funds more time to 

make the transition than operating companies” given the likely workflow changes in 

instituting these amendments.171

After considering commenters’ concerns, and consistent with their suggestions, to 

provide funds and vendors with additional time to implement any necessary workflow 

changes, we are extending the phase-in with respect to the Inline XBRL and timing 

requirements for risk/return summary XBRL data and modifying the compliance dates to 

two years after the effective date of the amendments for large fund groups and three years 

after the effective date of the amendments for small fund groups.172

We believe that these compliance dates will provide sufficient time for filers, 

filing agents, and software vendors to transition to Inline XBRL and adjust to the 

elimination of the extended filing period. Given that any fixed cost of initial transition 

may have a relatively greater impact on smaller filers, this approach will give such filers 

time to develop related expertise, as well as the opportunity to benefit from the 

 169 See letter from USBFS.

170 See letters from Federated I and II.

171 See letter from XBRL US.

172 When we adopted the risk/return summary information XBRL requirements on February 11, 2009, 

all filers had approximately two years to comply (until January 1, 2011). After considering 

commenter feedback, we are providing a similar period for larger filers to comply with the 

proposed Inline XBRL requirements. Further, after considering commenter feedback, we believe 

that smaller fund filers may benefit from even more time to comply with these new requirements.
48

experience of larger filers with Inline XBRL. The phase-in is also expected to provide 

filing agents and software vendors with additional time to transition to Inline XBRL and 

develop related expertise. 

Similar to the proposal and consistent with a commenter’s suggestion,173 the 

amendments will permit all filers to file using Inline XBRL prior to the compliance date 

for each category of filers. Filers will be able to file in Inline XBRL under the 

amendments once the EDGAR system has been modified to accept submissions in Inline 

XBRL for all forms subject to the amendments, which is anticipated to be March 2019.

174 

Notice of EDGAR system readiness to accept filings in Inline XBRL will be provided in 

a manner similar to notices of taxonomy updates and EDGAR Filer Manual updates. We 

believe that offering filers the option to file using Inline XBRL before the compliance 

date will enable filers that are ready to transition to Inline XBRL to begin realizing the 

benefits of Inline XBRL sooner. It will also enable vendors and filing agents used by 

early Inline XBRL adopters to gain valuable expertise that may help facilitate the 

transition to Inline XBRL for filers that transition to Inline XBRL at a later time. 

Otherwise, prior to the applicable compliance date, filers that do not file using Inline 

XBRL will continue to be required to submit the entire Interactive Data File as an exhibit, 

as they do currently.175

d. Scope of the Inline XBRL Requirements

 173 See letter from Workiva II.

174 Operating companies may continue to voluntarily file certain Exchange Act reports in Inline 

XBRL prior to that time pursuant to the Exemptive Order, which will cease to be operative once 

voluntary reporting under the amendments is permitted. See note 48 above and accompanying 

text.

175 See new Rule 405(f)(2) and (3).
49

The Inline XBRL requirements for financial statement information will apply to 

all operating company filers, including smaller reporting companies (“SRCs”),176 EGCs, 

and FPIs that are currently required to submit financial statement information in XBRL. 

Several commenters supported our proposal not to exempt individual categories of 

operating company filers subject to XBRL requirements from the Inline XBRL 

requirement, citing data quality and efficiency reasons.177 One commenter did not 

specifically address an exemption from the Inline XBRL format requirement but 

recommended exempting EGCs, SRCs, and nonaccelerated filers from XBRL 

requirements generally, citing concerns about cost and lack of use of XBRL data.

178

We do not expect Inline XBRL to significantly affect the overall costs of 

compliance with XBRL requirements. While filers may incur a small initial transition 

cost, they also may realize reductions in ongoing costs of compliance with XBRL 

requirements.179 Furthermore, filers may realize reductions in ongoing costs due to the 

elimination of the website posting requirement. We have sought to alleviate the initial 

transition burden for filers through phased compliance dates. Given the benefits expected 

from the Inline XBRL requirement, the overall readiness of the Inline XBRL technology, 

and the input from commenters regarding vendor readiness, we are not exempting any 

filers that are subject to existing XBRL requirements. Exempting some categories of 

filers subject to XBRL requirements from Inline XBRL could reduce the aggregate data 

 176 See Rule 405 under the Securities Act, Rule 12b-2 under the Exchange Act and Item 10(f) of 

Regulation S-K [17 CFR 229.10(f)].

177 See, e.g., letters from CFA Institute, Merrill, Morningstar, and XBRL US.

178 See letter from BIO. But see AICPA Study (discussing XBRL preparation costs for smaller filers) 

and note 67 above (discussing XBRL data use for smaller filers and biotechnology companies).

179 See Sections III.B.1.a and V.C below.
50

quality and usability benefits for investors, analysts, and other users and create a need for 

investors and other data users to maintain indefinitely the support for both sets of 

technologies, potentially resulting in ongoing inefficiencies.

Some commenters addressed the scope of information subject to XBRL 

requirements more generally, although no such changes were contemplated as part of the 

Inline XBRL Proposing Release.180 Several commenters expressed overall support for 

XBRL requirements in general181 or suggested expanding the scope of operating 

company information that is required to be tagged,182 or is permitted to be tagged,183 in 

XBRL, while other commenters recommended exemptions from XBRL requirements for 

certain operating companies184 or funds,185 citing concerns about cost.

Two commenters recommended that, to the extent that the Commission wishes to 

modernize structured disclosure requirements for fund filers, it should rescind the 

existing XBRL requirements for risk/return summary information and replace them with 

requirements to tag certain risk/return summary information in the XML format on Form 

N-CEN.186 Another commenter recommended that risk/return summary XBRL 

 

180 See Inline XBRL Proposing Release, at 14291.

181 See, e.g., letters from CFA Institute, Grant Thornton, Members of Congress, Morningstar, 

TagniFi, XBRL International, and XBRL US.

182 See, e.g., letters from CFA Institute, Data Coalition, Merrill, XBRL International, and XBRL US. 

183 See letter from Gartner.

184 See note 178 above.

185 See letters from Federated I and II (recommending that we exempt funds from XBRL or replace 

XBRL with XML on Form N-CEN); ICI I and II (recommending that we exempt funds from 

XBRL); USBFS (recommending that we require funds to submit XBRL data only for forms of 

their prospectus that have been used to sell shares of the fund).

186 See letters from Federated (stating that filing tagged data on Form N-CEN would create 

consistency in data tagging language and allow the Commission and third-party information 

providers to access important data about a fund in one location) and ICI. See also Release No. IC32314 (Oct. 13, 2016) [81 FR 81870]. We note that, while funds are currently required to update 
51

requirements apply only to forms of prospectuses that have been used to sell shares of the 

fund.187

As the Commission stated in the Inline XBRL Proposing Release, these 

amendments are aimed at modernizing existing XBRL requirements to incorporate 

developments in the XBRL technology since the 2009 adoption of these requirements.188 

Therefore, at this time, we are not changing the categories of operating company or fund 

filers, or the scope of operating company or fund disclosures, that are subject to these 

XBRL requirements. 

2. Elimination of the Website Posting Requirements 

We are adopting, as proposed, the elimination of the XBRL website posting 

requirements for financial statement information and risk/return summaries.189 

In the 2009 Financial Statement Information Adopting Release and the 2009 

Risk/Return Summary Adopting Release, the Commission stated that it thought that the 

website availability of the interactive data would encourage its widespread dissemination, 

make it easier and faster for investors to collect information on a particular filer, enable 

search engines and other data aggregators to more quickly and cheaply aggregate the data 

and make them available to investors, and potentially increase the reliability of data 

 

their registration statements and file new XBRL data every time risk/return summary information 

changes, there is no requirement to update Form N-CEN (filed annually) for intra-year changes to 

its information. Therefore, filing risk/return summary tagged data on Form N-CEN could result in 

investors receiving risk/return summary information in a less timely manner.

187 See letter from USBFS.

188 See Inline XBRL Proposing Release, at 14291.

189 Website posting is currently required by Rule 405(g) and General Instruction C.3.(g) to Form N1A.
52

availability to the public.190 However, the Commission also noted that this benefit could 

be limited since investors seeking to aggregate machine-readable XBRL data across 

companies, manually or through an automated process, may find XBRL exhibits posted 

on individual filers’ websites less useful.191 

We believe, based on our experience, that users of XBRL data generally do not 

seek the information directly from individual filers’ websites; rather, they obtain the data 

from a more central repository of the data, such as the Commission’s EDGAR system or 

third-party aggregators. We believe that access to XBRL data for purposes of 

aggregation and processing, whether by data aggregators or individual data users, is most 

efficiently achieved when such machine-readable data is consistently organized (e.g., 

with respect to directory structure) and made available at a single source. Based on our 

experience since the Commission adopted the website posting requirements in 2009, we 

believe that potential data users can obtain sufficiently reliable access to XBRL data 

through EDGAR and do not need the backup of a website posting on a filer’s website to 

access the XBRL data. Thus, data users should not incur significant costs from the 

elimination of the requirement to post the XBRL data on filers’ websites. Operating 

companies and funds are expected to recognize a modest benefit from the elimination of 

this requirement.192

 190 See 2009 Financial Statement Information Adopting Release, at 6791–6792. Similarly, in 

adopting the website posting requirement for risk/return summary XBRL information, the 

Commission stated that website availability of the interactive data will encourage its widespread 

dissemination, contributing to lower access costs for users. See 2009 Risk/Return Summary 

Adopting Release at 7755-7756.

191 See 2009 Financial Statement Information Adopting Release, at 6807. See also 2009 Risk/Return 

Summary Adopting Release, at 7767, n. 263 (“We believe the benefits will stem primarily from 

the requirement to submit interactive data to the Commission and the Commission’s disseminating 

that data.”).

192 See Sections III.B.2 and V.C below.
53

All of the commenters that addressed this aspect of the proposal supported 

eliminating the website posting requirements, citing the lack of utility to data users and/or 

the potential cost savings to filers.193 One commenter that is a filer of risk/return 

summary information noted that an average of only three users per month access XBRL 

risk/return summary information through that filer’s website.194

After considering the input from commenters, we agree that data users will not 

benefit from continued application of the website posting requirements, in light of the 

greater efficiency of retrieving XBRL data from EDGAR or other sources for purposes of 

aggregation and analysis. We continue to believe that most filers will realize a small 

benefit from the elimination of the website posting requirements, although the magnitude 

of the benefit for the average filer is likely to be small.

3. Termination of the 2005 XBRL Voluntary Program

We are adopting, as proposed, the termination of the 2005 XBRL Voluntary 

Program for financial statement information interactive data.195 Subsequent to the 

adoption of the interactive data requirements for financial statement information for 

operating companies in 2009, the only filers that remain eligible for the program are 

registered investment companies, BDCs, and other entities that report under the 

Exchange Act and prepare their financial statements in accordance with Article 6 of 

Regulation S-X. No commenters objected to the termination of the program and given its 

 

193 See, e.g., letters from CFA Institute; Federated I and II; ICI I; Merrill; USBFS (supporting 

elimination but noting that it will not generate cost savings and may entail a small cost to modify 

the website to remove XBRL links and pages); and Workiva I. 

194 See letter from Federated II.

195 We are amending Regulation S-T to remove Rule 401 that specifies voluntary program 

requirements and making related technical and conforming changes.
54

very infrequent use, we do not believe that its continued existence will provide significant 

benefits. 

4. Technical Amendments

We are adopting, as proposed, certain technical, conforming changes to the rules 

for hardship exemptions, current public information under Rule 144(c)(1) under the 

Securities Act, and form eligibility, consistent with the changes in format to the 

Interactive Data File and elimination of the website posting requirements. In addition, in 

Regulation S-T, we are deleting the definition of “promptly” from Rule 11 because it was 

used only in 17 CFR 232.406T (“Rule 406T”), which has expired, and deleting references 

to Forms S-2 and F-2 because those forms have been eliminated. 

Although not proposed, we are adopting additional technical, conforming changes 

consistent with the elimination of the 2005 XBRL Voluntary Program and additional 

technical clarifying changes. In connection with the elimination of the 2005 XBRL 

Voluntary Program, these changes affect Item 601(b)(100) of Regulation S-K; a heading 

within and Rules 11, 305(b), and 402 of Regulation S-T; Rules 13a-14(f) and 15d-14(f) 

under the Exchange Act; paragraph 100 of the Instructions as to Exhibits of Form 20-F;

paragraph C.(5) of the General Instructions to Form 6-K; Rules 8b-1, 8b-2, 8b-33, and 

30a-2(d) under the Investment Company Act; and General Instruction B.4.(b) of Form N1A under the Investment Company Act. 

We are substituting the term “filing” for “form” in the definition of Interactive 

Data File in Rule 11 of Regulation S-T and in some instances within Rule 405 of 

Regulation S-T because the term “filing” better describes the range of documents subject 

to XBRL requirements. Also, we are altering proposed Rules 201(c)(1) and 202(c)(2) 
55

under Regulation S-T to specify that when a hardship exemption is received the 

document required to set forth a related legend must appear where the Interactive Data 

File exhibit otherwise would have appeared. 

Further, we are amending Rule 201 under Regulation S-T to adopt a temporary 

hardship exemption for the inability to timely file Interactive Data Files for risk/return 

summary information.196 Since 2009, while operating companies could avail themselves 

of both the temporary hardship exemption under Rule 201 and continuing hardship 

exemption under Rule 202, funds were limited to continuing hardship exemptions. The 

2009 Risk/Return Summary Adopting Release explained that while the Commission was 

adopting a continuing hardship exemption with respect to risk/return summary 

information data, the Commission was not adopting a temporary hardship exemption 

because the final rules included a 15 business day filing period for submitting the 

Interactive Data File.

197 Because we are eliminating the 15 business day filing period, 

we are amending Rule 201 to similarly allow funds to avail themselves of the temporary 

hardship exemption. 

Additionally, we are adopting technical changes to Rule 485 under the Securities 

Act to account for the elimination of the website posting requirements. We are also 

adopting technical changes to paragraphs (c) and (e) of Rule 497 under the Securities Act 

to indicate that a fund that files pursuant to Rule 497 must, if applicable pursuant to 

General Instruction C.3.(g) of Form N-1A, “submit” an Interactive Data File.198

B. Potential Economic Effects of the Amendments

 196 See Note to Paragraph (c) of Rule 201.

197 See 2009 Risk/Return Summary Adopting Release, at 7757, n. 129.

198 This change in terminology makes Rule 497 consistent with Rule 485 under the Securities Act.
56

We are mindful of the costs imposed by and the benefits obtained from our rules.

Securities Act Section 2(b),199 Exchange Act Section 3(f),

200 and Investment Company 

Act Section 2(c)201 require us, when engaging in rulemaking that requires us to consider 

or determine whether an action is necessary or appropriate in the public interest, to 

consider, in addition to the protection of investors, whether the action will promote 

efficiency, competition, and capital formation. Additionally, Exchange Act Section 

23(a)(2) requires us, when adopting rules under the Exchange Act, to consider the impact 

that any new rule will have on competition and not to adopt any rule that will impose a 

burden on competition that is not necessary or appropriate in furtherance of the purposes 

of the Exchange Act.202

The amendments aim to increase the efficiency and lower the cost of compliance 

with the existing XBRL requirements through process improvements associated with the 

Inline XBRL technology and the elimination of the website posting requirements. The 

discussion below addresses the potential economic effects of the amendments, including 

their likely costs and benefits, as well as the likely effects of the amendments on 

efficiency, competition, and capital formation, relative to the economic baseline, which is 

comprised of XBRL practices in existence today.203 

 199 15 U.S.C. 77b(b).

200 15 U.S.C. 78c(f).

201 15 U.S.C. 80a-2(c).

202 15 U.S.C. 78w(a)(2).

203 See Section II.B above.
57

At the outset, we note that, where possible, we have attempted to quantify the 

costs and benefits expected to result from the amendments to the XBRL requirements.204 

However, in some cases we have been unable to quantify the economic effects. For 

example, it is difficult to quantify the extent to which Inline XBRL will enhance the 

quality and usability of XBRL data and, if so, how it will affect XBRL data use. We 

have been able to gain some insight into the potential economic effects of the 

amendments based on the experience of filers that have used Inline XBRL on a voluntary 

basis pursuant to the Exemptive Order; however, these insights are necessarily limited by 

the relatively small and self-selected nature of this subset of filers. 

We assess the potential impact of the amendments relative to the economic 

baseline, which includes existing XBRL requirements, information about filers subject to 

these requirements, and current practices related to XBRL filing and use, described in 

Section II above.

1. Inline XBRL Requirements

a. Use of Inline XBRL 

i. Benefits 

After considering the input from commenters, as well as the experience of 

operating companies that voluntarily filed in Inline XBRL,205 we continue to believe that 

filing in Inline XBRL has the potential to benefit both filers and users of this information. 

In particular, we continue to believe that the use of Inline XBRL may reduce the time and 

effort associated with preparing XBRL filings; simplify the review process for filers; and 

 204 One comment letter requested that the Commission quantify the benefits of the proposal. See

letter from Federated II.

205 Funds are not eligible to voluntarily file in Inline XBRL pursuant to the Exemptive Order.
58

improve the quality and usability of XBRL data and thus increase the use of XBRL data 

by investors, other market participants, and other data users.206 

Embedding XBRL data in an HTML document rather than tagging a copy of the 

data to create a separate XBRL exhibit should increase the efficiency and effectiveness 

of the filing preparation process and, by saving time and effort spent on the filing 

process, over time, reduce the cost of compliance with existing XBRL requirements.207 

Inline XBRL eliminates the need to create a separate XBRL instance document 

containing all of the XBRL tags, which can reduce the incidence of those re-keying 

errors that are associated with producing separate documents for the same information. 

Inline XBRL also makes it possible for filers or filing agents to view XBRL metadata208

within the HTML document, which can facilitate the review of XBRL data and better 

equip filers to detect XBRL errors. Further, filers or filing agents can use tools like the 

open source Inline XBRL Viewer to review the Interactive Data File and more 

efficiently filter and identify errors and locate information within the filing (e.g., by 

using the topic query feature). Thus, by facilitating the preparation and review of XBRL 

data, Inline XBRL can decrease the overall time and cost required by filers to comply 

with the existing XBRL requirements. 

Various commenters stated that they expect Inline XBRL to result in a lower cost 

and/or greater efficiency of XBRL preparation.209 However, other commenters stated 

 206 See Inline XBRL Proposing Release, at 14293-4, nn. 154, 155, and 162. See also notes 86-88

above.

207 See Inline XBRL Proposing Release, at 14293-4, nn. 155, 156. See also note 85 above.

208 Such metadata include, for example, definitions, reporting period information, data type, and 

related references.

209 See note 85 above.
59

that Inline XBRL will not necessarily result in burden savings for filers.210 As the 

Commission noted in the Inline XBRL Proposing Release, the benefit of savings in 

ongoing XBRL preparation and filing costs due to Inline XBRL will be smaller for filers 

that presently rely on the integrated XBRL preparation approach.211 Nevertheless, such 

filers may realize small time savings and/or efficiencies in the filing process from Inline 

XBRL.212 Additionally, because Inline XBRL gives the preparer full control over the 

presentation of filer disclosures, those filers that currently choose XBRL tags so that the 

data looks similar to the HTML document when rendered by software into a humanreadable presentation will have less of an incentive to do so because Inline XBRL will 

embed XBRL tags into the HTML document.213 It is challenging to quantify potential 

gains in the effectiveness and efficiency of the filing preparation process and the resulting 

reductions in the ongoing cost of compliance with the XBRL requirements due to data 

limitations and variation in filer circumstances. However, for purposes of the Paperwork 

Reduction Act of 1995 (“PRA”),214 we continue to estimate that the average burden of 

XBRL preparation will decrease slightly after the initial transition to Inline XBRL and 

the average annual external cost of XBRL preparation will increase slightly.215 We 

 210 See, e.g., letters from ICI I (regarding risk/return summaries) and Pergamit.

211 See Inline XBRL Proposing Release, at 14294.

212 Software vendors and filing agents that currently use the integrated XBRL preparation approach, 

combining the processes of creating interactive data tags and an HTML document, cannot 

presently take full advantage of the resulting efficiency because of current requirements. At 

present, filing agents and/or filers that use integrated XBRL solutions must expend the effort, 

albeit minimal, to split out the interactive data and save it to a separate instance document for 

filing.

213 See also note 89 above and accompanying text.

214 44 U.S.C. 3501 et seq.

215 See Section V.C.1 below. Compared to the existing XBRL requirements for operating companies, 

the annual internal burden per filer for Inline XBRL filers is expected to be approximately 1 hour 

lower in the first year (1 response x (8 – 2) hours + 3.5 responses x (–2) hours) and 9 hours lower 
60

recognize that individual filers’ costs and cost savings from Inline XBRL may vary for a 

number of reasons, including the filer’s and the filing agent’s experience with Inline 

XBRL.

The use of Inline XBRL may also improve XBRL data quality and thus 

potentially benefit data users. When XBRL is embedded directly into the HTML 

document, the filer prepares and reviews a single document, rather than separate 

documents—as is the case with the current reporting requirement—which should enable a 

reduction in data errors, particularly for those filers that currently use the standalone 

XBRL preparation approach.216 Further, filers or filing agents can use review tools like 

the open source Inline XBRL Viewer to more readily filter and identify errors. To the 

extent that Inline XBRL technology can reduce the rate of XBRL errors that are not 

detected by filers with the current XBRL filing practices and technology, Inline XBRL 

could incrementally improve XBRL data quality, which could potentially benefit data 

users.217 Additionally, since Inline XBRL filers will have less of an incentive to create 

 

after the first year (4.5 responses x (–2) hours); the annual external cost per filer for Inline XBRL 

filers is expected to be approximately $22.50 higher, beginning in the first year (4.5 responses x 

$5). 

Compared to the existing XBRL requirements for funds, the annual internal burden per filer for 

Inline XBRL filers is expected to be approximately 3.32 hours higher in the first year (1 response 

x (4 – 0.5) hours + 0.36 responses x (–0.5) hours) and 0.68 hours lower after the first year (1.36 

responses x (–0.5) hours); the annual external cost per filer for Inline XBRL filers is expected to 

be approximately $10 higher, beginning in the first year. 

216 See Inline XBRL Proposing Release, at 14288, n. 83 and at 14293-4, n. 155. Filers that do not 

currently use an integrated approach may achieve greater benefits in data quality and efficiency 

from the more integrated process that Inline XBRL offers. See notes 117-119 above (discussing 

the use of a standalone approach by fund filers). 

217 Existing format requirements for Interactive Data Files include the element accuracy requirement, 

which provides that each data element (i.e., all text, line item names, monetary values, 

percentages, numbers, dates, and other labels) contained in the Interactive Data File must reflect 

the same information in the corresponding data in the Related Official Filing. See Rule 

405(c)(1)(i) of Regulation S-T. 
61

custom XBRL tags solely to mimic the appearance of an HTML filing, Inline XBRL 

could increase the ability of investors, other market participants, and other data users to 

compare information across filers for those filers that currently engage in such tagging 

practices.218 

A number of commenters stated that Inline XBRL could result in an improvement 

in XBRL data quality and a potential decrease in XBRL errors.219 However, several 

commenters stated that Inline XBRL by itself will not improve data quality since the 

change in the format does not affect the nature of tagging or the filer’s ability to select 

inappropriate custom tags.220 As the Commission stated in the Inline XBRL Proposing 

Release, because the amendments do not modify the scope and substance of existing 

XBRL requirements or the categories of filers subject to the requirements, the 

improvement in data quality and the overall economic benefits incremental to Inline 

XBRL likely will be smaller than the benefits of the XBRL requirements more 

generally.221 The Commission also noted that Inline XBRL filers may continue to use 

custom tags to represent certain company-specific data after the switch to Inline 

XBRL.222 Therefore, while Inline XBRL and tools such as the Inline XBRL Viewer 

facilitate review and detection of certain re-keying errors, they will not resolve all XBRL 

 

We also note that the incremental effects of Inline XBRL on the reduction in XBRL errors will be 

smaller if other ongoing initiatives continue to reduce XBRL data errors. For example, the XBRL 

US Data Quality Committee periodically publishes guidance and validation rules to help public 

companies detect inconsistencies or errors in their XBRL-formatted financial data, such as 

incorrect negative values, improper relationships between elements, and incorrect dates associated 

with certain data. See https://xbrl.us/data-quality/rules-guidance/ (retrieved Jun. 20, 2018). 

218 See notes 89 and 213 above and accompanying text. 

219 See note 86 above.

220 See, e.g., letters from EY, TagniFi, and Workiva I (regarding financial statement information).

221 See Inline XBRL Proposing Release, at 14295.

222 Id.
62

data quality issues. A review of a sample of voluntary Inline XBRL filings pursuant to 

the Exemptive Order suggests that some XBRL data quality issues may remain for a 

minority of filers. However, the experience of a relatively small number of voluntary 

filers may not be representative of all filers subject to the amendments, particularly given 

that the Exemptive Order only extended to operating companies and that most voluntary 

filers already use integrated software, thus their transition to Inline XBRL likely entailed 

minimal changes to XBRL preparation workflow and a resulting minor data quality 

impact.

Several commenters indicated that Inline XBRL would not result in significant 

improvements in risk/return summary XBRL data quality because there is little evidence 

of issues with the quality of risk/return summary XBRL data today.223 We acknowledge 

that data quality benefits may be more modest for funds than for operating companies, in 

part due to greater standardization of risk/return summary XBRL data.224 However, we 

understand that funds can also experience data quality issues in compiling separate 

XBRL risk/return summary files.225 

Overall, we continue to believe that the benefits of potential reduction in certain 

errors from Inline XBRL, although incremental, may generally contribute to future 

improvements in XBRL data quality, especially when used in conjunction with tools such 

as the Inline XBRL Viewer.226 

 223 See note Error! Bookmark not defined. above. 

224 See also Inline XBRL Proposing Release, at 14287.

225 See Inline XBRL Proposing Release, at 14294-14295. See also note 216 above and accompanying 

text.

226 The Inline XBRL Viewer can enable a faster review and detection of certain data quality errors 

because of its data filter functions, such as sorting amounts entered as negative values in Inline 

XBRL filings.
63

Inline XBRL could also enhance how users view XBRL data related to 

Commission disclosures. Several commenters stated that Inline XBRL will contribute to 

greater usability and transparency of XBRL data for investors and other data users.227 

With Inline XBRL, the EDGAR system enables users to view information about the 

reported XBRL data embedded in Inline XBRL filings on the Commission’s website, 

using any recent standard Internet browser, without the need to access a separate 

document. With this feature, when a user views a filing submitted in Inline XBRL on 

EDGAR, the user will be able to see tags and the related metadata while viewing the 

HTML document. These Inline XBRL features can provide the benefit of greater context 

and information to investors. The software enabling this feature has been made freely 

available in an effort to facilitate the creation of cost-effective Inline XBRL viewers and 

analytical products.228 Moreover, despite the limited number of Inline XBRL filings so 

far, we have observed enhancements that the public has made to the Inline XBRL Viewer 

to improve analysis of Inline XBRL data, which may improve the usability of the data. 

With respect to funds, the benefit of increased usability of risk/return summary 

XBRL data is expected to be further enhanced when combined with the elimination of the 

15 business day filing period for risk/return summary XBRL information, which will 

make XBRL data available to investors and other data users more quickly. 

To the extent that the use of Inline XBRL results in an improvement in XBRL 

data quality and usability, and thus in increased use of XBRL data by investors, market 

participants, and other data users, we expect the benefits associated with XBRL in 

 227 See notes 87-88 above.

228 See https://www.sec.gov/structureddata/edgarvalandrender (retrieved Jun. 20, 2018).
64

general to be enhanced. As the Commission stated in the 2009 Financial Statement 

Information Adopting Release and 2009 Risk/Return Summary Adopting Release, the 

availability of information in XBRL enables investors and other data users to capture and 

analyze that information more quickly and at a lower cost, as well as to search and 

analyze the information dynamically; facilitates comparison of information across filers 

and reporting periods; and leads to better-informed investment decisions and potential 

gains in the efficiency of capital formation and allocation, through a reduction in the 

information barriers faced by investors or costs of collecting and analyzing disclosures.229 

We lack the ability to quantify the incremental contribution of Inline XBRL to potential 

increases in the use of XBRL data and the broader economic benefits of XBRL. We 

anticipate that the effect will depend on several factors, including the extent of 

improvements in XBRL data quality and usability following the transition to Inline 

XBRL; changes in XBRL data use by investors, other market participants, and other data 

users; and technological innovation in XBRL preparation and analytics solutions. 

ii. Costs

The Inline XBRL requirement may impose costs on filers, XBRL preparation 

software vendors, filing agents, and data users. 

We expect that the initial transition to Inline XBRL could result in a cost to filers. 

Filers may switch to Inline XBRL either by using Inline XBRL enabled preparation 

software that they develop or license or by obtaining Inline XBRL preparation services 

from a third-party service provider (filing agent). Filers that rely on filing agents for 

XBRL preparation may incur an incremental cost of Inline XBRL upgrades (to the extent 

 229 See 2009 Financial Statement Information Adopting Release, at 6777, 6807–6808; 2009 

Risk/Return Summary Adopting Release, at 7766–7768.
65

that the cost incurred by filing agents is passed on to filers). Filers that prepare XBRL 

filings in-house will need to replace or update their XBRL preparation software with 

versions that include Inline XBRL capabilities. We expect such costs to be lower if 

there is more competition among filing agents and software vendors that offer Inline 

XBRL capabilities. Filers also may incur an internal cost to train their personnel to use 

Inline XBRL and to comply with the Inline XBRL requirements. 

Filers that use software that is already enabled for Inline XBRL or that can readily 

be modified to accommodate the Inline XBRL format, as well as filers that use filing 

agents that use such software, are expected to incur a minimal transition cost. In 

particular, for filers and filing agents that rely on integrated XBRL filing solutions, filing 

in Inline XBRL could require only a very minor adjustment to the filing process, similar 

to choosing the format in which the file will be saved out of several available formats. 

Conversely, filers and filing agents using a standalone approach will require greater 

changes to their workflow. Several commenters expressed concerns about a lack of 

software vendor readiness and a greater than anticipated burden of initial transition.

230

Some operating company filers have demonstrated the Inline XBRL capability 

through electing to voluntarily file in Inline XBRL pursuant to the Exemptive Order.231 

In addition, a number of XBRL software vendors and filing agents involved in XBRL 

preparation for a significant share of the U.S. XBRL market have developed or indicated 

plans to offer Inline XBRL capabilities.232 One commenter stated that “[m]any vendors 

 230 See notes 101, 115, 117-118, and 162 above.

231 See Section II.B.2 above. Funds are not eligible to voluntarily file in Inline XBRL under the 

Exemptive Order.

232 See note 62 above.
66

today already have Inline XBRL capabilities or have development underway” to 

incorporate this capability into their tools.233 The commenter also stated that, at the 

latest, all of its vendor members will be ready to file using Inline XBRL by the second 

quarter of 2019, which is compatible with the compliance date for the first operating 

company phase-in category.234 Another commenter stated that “[m]ost providers either 

have Inline XBRL capabilities or will have it soon” and that “[t]he cost of switching to 

providing Inline XBRL is not significant enough to cause a competitive change in the 

marketplace.”235 Several XBRL vendors indicated in their comment letters that they 

have Inline XBRL capabilities.236 

Further, the experience of operating company filers electing to make voluntary 

Inline XBRL submissions pursuant to the Exemptive Order suggests that filers have not 

incurred a significant change in external preparation costs. However, this inference is 

based on a relatively small number of operating company filers, most of which already 

use integrated XBRL software. Thus their change in costs may not be representative of 

the overall population of filers subject to the amendments. 

Although we recognize the likelihood of relatively greater initial costs being 

incurred by filers that do not use such software or such filing agents, we believe that, as a 

general matter, the overall cost of initial transition to Inline XBRL technology will be 

relatively small. In particular, we expect this to be the case because the amendments do 

not modify the substance of the XBRL requirements and thus do not affect the process of 

 233 See letter from XBRL US.

234 Id.

235 See letter from Merrill.

236 See, e.g., letters from ACI, IRIS, and Workiva I.
67

selecting tags from the taxonomy for the required disclosures (the disclosure mapping 

process that precedes the creation of the XBRL submission accounts for the 

overwhelming majority of the XBRL preparation time and cost). The creation of the

Inline XBRL document will occur after the mapping of company disclosures to the 

taxonomy is completed and will consist largely of a software function, which could 

include a broad range of file formats (e.g., HTML, PDF, XBRL, and Inline XBRL). 

Inline XBRL cannot be used with the ASCII format. Thus, filers that prepare the 

Related Official Filing in the ASCII format will incur additional costs of switching to 

HTML, and any fixed costs of such a change will have a relatively greater effect on 

smaller entities.237 We continue to believe that such costs will be minimal. First, 

relatively few filers presently use the ASCII format and therefore only those few filers 

will need to incur the cost of switching to HTML as a result of the amendments. On 

March 1, 2017, the Commission adopted amendments to require the use of the HTML 

format for registration statements and periodic and current reports that are subject to the 

exhibit requirements under Item 601 of Regulation S-K and for Forms F-10 and 20-F.

238 

As of September 1, 2018, all registrants will be required to comply with those 

amendments.239 While those amendments excluded some operating company filings that 

will be subject to Inline XBRL requirements, in particular, Form 6-K and Form 40-F

 237 See Inline XBRL Proposing Release, at 14288-14289.

238 See Release No. 33-10322 (Mar. 1, 2017) [82 FR 14130]. 

On October 11, 2017, the Commission proposed amendments that would similarly require funds to 

file in HTML format registration statements and reports that include exhibits. See Release No. 33-

10425 (Oct. 11, 2017) [82 FR 50988] (“FAST Act Proposing Release”). 

239 The requirements were effective September 1, 2017, although smaller reporting companies and 

nonaccelerated filers need not comply until September 1, 2018.
68

filings, in practice almost no such filings are presently filed in the ASCII format.240 

Similarly, a relatively small proportion of fund filings is filed in the ASCII format.241 

Second, the average costs of switching from ASCII to HTML will be small because the 

software tools to prepare and file documents in HTML are widely used and the 

incremental cost of HTML features is minimal.242 Additionally, the phase-in of the 

Inline XBRL requirements is expected to partly mitigate the impact on smaller ASCII 

filers by giving them more time to adjust. 

While we expect that filers will continue to incur ongoing costs of compliance 

with the XBRL requirements,243 we do not expect those ongoing costs to increase 

appreciably due to Inline XBRL. For most filers, we anticipate that the transition to 

Inline XBRL will, over time, somewhat reduce the ongoing costs of compliance with the 

XBRL requirements, as discussed in greater detail in Section V.C below. For purposes of 

the PRA, we continue to estimate that the average filer will incur a one-time increase in 

in-house personnel time to transition to Inline XBRL and a slight increase in the annual 

external cost of XBRL preparation. After the initial transition to Inline XBRL, we 

estimate that the average filer will experience a small decrease in the in-house personnel 

 240 We have identified approximately 0.1% of filings in ASCII format among Forms 6-K filed in

2017. We have not identified filings in ASCII format among Forms 40-F filed in 2017. 

241 In 2016, approximately 2.6% of Form N-1A filings, 4.9% of amendments filed under Rule 485(a), 

14.1% of amendments filed under Rule 485(b), and 5.5% of filings under Rule 497 were in the 

ASCII format, as shown by staff analysis of EDGAR filings. 

On October 11, 2017, the Commission proposed amendments that would similarly require funds to 

file in HTML format registration statements and reports that include exhibits. See FAST Act 

Proposing Release.

242 See Inline XBRL Proposing Release, at 14289.

243 See 2009 Financial Statement Information Adopting Release, at 6800–6802, 6804–6806.
69

time required to comply with XBRL requirements.244 While the incremental initial and 

ongoing costs of Inline XBRL are not expected to be significant for the average filer, 

such costs for individual filers may vary due to filer circumstances, including their 

familiarity with Inline XBRL and the XBRL preparation solution used by the filer or its 

filing agent. 

Further, the European Securities and Markets Authority has recently adopted a 

requirement for issuers that are listed on European Union (EU) regulated markets and 

that prepare their annual financial reports in accordance with IFRS to use the Inline 

XBRL format beginning on January 1, 2020.245 Under the amendments, FPIs that 

prepare their financial statements in accordance with IFRS as issued by the IASB will be 

required to comply with the Inline XBRL requirements for financial statements for 

periods ending on or after June 15, 2021. Thus, the incremental burden of transition to 

Inline XBRL under the amendments for FPIs filing IFRS financial reports with the EU 

market regulators is expected to be minimal.

We note that some filers may incur an increased burden if their filings contain a 

major technical error in the XBRL data. In particular, currently, when there is a major 

technical error in the XBRL data submitted in an exhibit, the EDGAR validation system 

causes the exhibit to be removed from the submission, but the submission as a whole is 

not suspended.246 With the Inline XBRL format, the EDGAR validation system will 

 244 See Section V.C below.

245 See https://www.esma.europa.eu/policy-activities/corporate-disclosure/european-single-electronicformat (retrieved Jun. 20, 2018).

246 During filing and validation, the EDGAR Renderer creates error and warning messages when 

issues with the XBRL data are identified. Certain errors will result in the XBRL exhibits being 

“stripped” from a filing, although the rest of the filing is accepted in EDGAR. 
70

typically suspend a filing that contains any major technical error in the Interactive Data 

File, which will require the filing to be revised before it can be accepted by EDGAR.247 

Based on staff observations, very few XBRL exhibits are removed by the EDGAR 

system due to such major technical errors, in part, because filers and filing agents 

routinely use tools, including ones that the Commission makes available, to help identify 

and correct technical errors prior to EDGAR filing.248 Because similar validation tools 

will be available to Inline XBRL filers, we believe that such suspensions should be rare 

for Inline XBRL filers.

The Commission did not propose and is not making changes with respect to 

application of officer certifications or auditor assurance requirements to XBRL data.249 

In response to commenters’ suggestions, we are reiterating that the change from the 

XBRL format to the Inline XBRL format does not affect our existing positions with 

respect to those requirements. Therefore, we do not anticipate changes in audit fees or 

other filer costs relative to the baseline stemming from officer certifications or auditor 

assurance. One commenter stated that the use of Inline XBRL might result in an increase 

in the rate of voluntary use of auditor assurance.250 While we acknowledge this 

 247 In some cases, a major technical error in the Interactive Data File would instead cause the XBRL 

content to be removed from the submission, but in that case the submission as a whole would not 

be suspended.

248 To assist with XBRL filing, the Commission has made available for download certain tools, such 

as the Previewer and Interactive Data Test Suite, that filers can use with their own systems to test 

XBRL submissions prior to EDGAR filing. See

https://www.sec.gov/structureddata/edgarvalandrender and 

https://www.sec.gov/structureddata/interactive-data-test-suite (retrieved Jun. 20, 2018).

249 See note 98 above.

250 See AICPA (stating that “going forward, to provide investors additional confidence in the iXBRL 

formatted information, audit committees are likely to request that auditors perform a separate 

attestation engagement to provide an opinion on the accuracy and consistency of the XBRL 

formatted information, and issue a report . . .”). See also note 100 above and accompanying text.
71

possibility, we lack the information necessary to quantify the magnitude of such a 

potential effect.

Changes to the XBRL format may affect XBRL preparation software vendors and 

filing agents, and some of the transition costs incurred by software vendors and filing 

agents from Inline XBRL may be passed on to filers. Various commenters stated that the 

effect of the amendments on software vendors and filing agents will be small,251 while 

some commenters expressed concern about vendor readiness.252 As the Commission

stated in the Inline XBRL Proposing Release, we recognize that XBRL preparation 

software vendors and filing agents that do not already use Inline XBRL would have to 

expend resources to transition to Inline XBRL, including upgrading or replacing software 

and training staff. Initially, software vendors and filing agents that cannot readily 

implement Inline XBRL, particularly smaller vendors, will be at a competitive 

disadvantage. Transition costs could be partly mitigated by the availability of the 

royalty-free Inline XBRL specification and transformation registry, which defines how 

the values of facts that appear in HTML documents are converted to the required data 

types for XBRL.253 Transition costs may also be lower for software vendors or filing 

agents that have experience with Inline XBRL in other jurisdictions.

254

 251 See notes 231-236 above and accompanying text.

252 See note 230 above.

253 See note 78 above.

254 For example, Inline XBRL is used in the UK (https://www.gov.uk/government/publications/xbrltagging-when-what-and-how-to-tag); Australia (https://asic.gov.au/about-asic/media-centre/find-amedia-release/2015-releases/15-104mr-asic-introduces-format-for-improved-communication-offinancial-information/); Ireland (https://www.revenue.ie/en/companies-and-charities/submittingfinancial-statements/who-must-submit-financial-statements-in-ixbrl.aspx); South Africa 

(https://www.xbrl.org/news/progress-in-the-cipc-implementation-of-xbrl/); Denmark and Japan 

(https://www.xbrl.org/the-standard/why/who-else-uses-xbrl/ (retrieved Jun. 20, 2018). Specific 

disclosure requirements differ from those in the United States. See also note 245 above.
72

The phase-in incorporated in the amendments is expected to give software 

vendors and filing agents time to develop and update software in ways that minimize 

transition costs. It is also possible that the ongoing costs of Inline XBRL preparation

solutions will go down over time, including for filers in later phase-in categories, as 

Inline XBRL solutions become more widespread in the XBRL preparation industry. 

Data users may incur a cost to modify their XBRL extraction software or 

algorithms to accommodate Inline XBRL (e.g., to download files from a different URL, 

to use different filenames, or to parse XBRL information from a different file format). 

Although we do not have sufficient information to quantify the costs to data users of a 

change from the XBRL format to the Inline XBRL format, we believe that such costs are 

likely to be minimal because the amendments do not affect the taxonomy or the scope of 

the information required to be tagged. Additionally, we have made freely available to the 

public the software enabling users to view information about the reported XBRL data 

contained in embedded tags and to extract XBRL data, in an effort to facilitate the 

creation of cost-effective Inline XBRL viewers and analytical products.255 For most data 

users that previously processed either XBRL instance documents or HTML documents, 

the slight increase in processing times due to the potentially larger size of the Inline 

XBRL document is unlikely to be a significant limitation in light of the advanced state of 

existing computing technology and internet connectivity speeds. Several commenters 

 255 See https://www.sec.gov/structureddata/edgarvalandrender (retrieved Jun. 20, 2018) and 

http://arelle.org/download/ (retrieved Jun. 20, 2018).
73

stated that they either already have the capability to use Inline XBRL data or that XBRL 

data users will incur minimal costs to transition from XBRL to Inline XBRL.256 

b. Timing of Submission of Interactive Data File 

The Commission did not propose, and is not adopting, changes to the timing of 

the required submission of the financial statement information XBRL data. Thus, no 

economic effects are expected relative to the baseline.

The Commission proposed to permit funds to submit Interactive Data Files 

concurrently with certain post-effective amendments to registration statements under 

Rule 485(b), which was supported by one commenter,257 with no commenters opposing 

the proposed change. As proposed, we are permitting filers to file risk/return summary 

information Interactive Data File concurrently with certain post-effective amendments 

under Rule 485(b). We continue to believe, as the Commission stated in the Inline 

XBRL Proposing Release, that this change may help facilitate efficiencies in the posteffective amendment filing process and result in small savings in compliance costs for 

some fund filers, and no commenters disagreed with our analysis. 

 256 See, e.g., letters from XBRL US (stating that it “held informal discussions with several of these 

organizations ranging from startup companies . . . to large established organizations . . .” and that 

“[t]hese organizations, which today use XBRL-formatted US corporate data, indicated that 

extracting data from Inline XBRL is the same as extracting data from conventional XBRL files. 

Several indicated that they have already begun to use Inline XBRL given its availability in other 

non-US markets. Of these, the cost to do so was minimal, requiring zero to little change to their 

current process.”); TagniFi (stating that it has used XBRL to collect and standardize financial 

statement data for more than 6,000 companies representing over 99% of the U.S. market 

capitalization, using approximately 140,000 XBRL filings since 2009 and further stating that it has 

used Inline XBRL financial data since June 2016); Octachoron (stating that “[t]he technologies we 

have developed to build and manipulate individual company information, compare filings across 

time and across sectors, and compile market-wide statistical analysis, would in principle be 

unaffected by a change to Inline XBRL filing.”); and Morningstar (stating that “[i]n our 

experience, it will be a relatively seamless transition from XBRL to Inline XBRL because the 

technology is sufficiently developed.”).

257 See note 128 above.
74

We are eliminating the current 15 business day filing period for the submission of 

risk/return summary XBRL data, as proposed. We continue to believe that eliminating 

the 15 business day filing period will significantly benefit investors, other market 

participants, and other data users by ensuring timely availability of risk/return summary 

XBRL information. The more timely availability of risk/return summary XBRL 

information is expected to reduce the time that investors, other market participants, and 

other data users require to extract risk/return summary information from filings and to 

facilitate aggregation, analysis, and comparisons of risk/return summary information 

across funds. Eliminating this period will remove the need for manual extraction of this 

information from HTML or ASCII files and make important fund fee, return, and risk 

information contained in the risk/return summary freely available to investors more 

quickly than it is today. As indicated by commenters that supported the proposed change, 

XBRL data users currently face a delay in the availability of risk/return summary XBRL 

data relative to risk/return summary information filed in HTML, which for some users 

has rendered the XBRL data less useful.258 

To the extent that having risk/return summary information available in the XBRL 

format in a timely manner enhances the ability of investors, either directly or through 

third parties such as data aggregators, to perform aggregation, analysis, and comparison 

of information about funds, the amendments may facilitate better informed investment 

decisions, increase competition among funds for investor capital, and improve the 

efficiency of capital allocation. To the extent that more timely information on fund fees, 

returns, and risks becomes available to investors through these tools, fund complexes 

 258 See notes 130 and 143 above and accompanying and following text.
75

may benefit as well if greater investor awareness of risk/return information helps funds 

attract investors. We understand many fund complexes urge these third parties to provide 

fund information and analysis to investors as quickly as possible (and well in advance of 

15 business days) for these reasons. We acknowledge that these benefits will be limited, 

to the extent that investors currently can efficiently obtain timely information about fund 

performance and risks from other sources, such as the Related Official Filing, fund 

websites, or third parties. Two commenters stated that tagged risk/return summary 

information would not be valuable because the information is historical and is not as 

timely as the performance information investors may obtain from other sources.259 

However, to the extent that risk/return summary information in a registration statement is 

generally valuable to investors, timely availability of the same information in XBRL 

format should enhance its value by enabling more efficient aggregation, analysis, and 

comparison of that information across funds and time periods. 

As the Commission stated in the Inline XBRL Proposing Release, we recognize 

that eliminating the 15-day period will reduce the flexibility with respect to the timing of 

preparing and reviewing XBRL data that is presently afforded to fund filers.260 We also 

recognize that most fund filers currently rely on this flexibility to submit XBRL data after 

the post-effective amendment or form of prospectus to which it relates and that its 

elimination could increase XBRL compliance costs for fund filers and their filing agents 

(that may pass these costs on to filers) as they adjust their workflows. Consistent with 

this analysis, several commenters noted that funds currently rely on the flexibility 

afforded by the XBRL filing period to prepare and review XBRL data and resolve any 

 259 See letters from Federated II and ICI II.

260 See Inline XBRL Proposing Release, at 14297.
76

technical issues with XBRL tagging and that the removal of the filing period would cause 

funds to incur costs to change current workflows.261 However, the Inline XBRL format 

required under the amendments involves embedding tags into the filing itself, which 

reduces the relevance of preserving the 15 business day filing period. 

Based on input from commenters,262 we also understand that certain funds 

currently file the Related Official Filing for forms of prospectuses early in order to be 

able to combine the mailing of annual reports and prospectuses. If these funds wish to 

continue combining these mailings, the elimination of the 15 business day XBRL filing 

period may require changes to XBRL preparation workflow to ensure that risk/return 

summary XBRL data is prepared for filing earlier than it is currently prepared, potentially 

leading to additional costs. Alternatively, funds that do not implement these workflow 

changes will incur additional mailing costs if they file forms of prospectuses with XBRL 

data at a later date and, as a result, mail them separately from the annual reports.

263 

Workflow changes to prepare risk/return summary XBRL data at the same time as the 

Related Official Filing of the form of prospectus will be most pronounced for funds that 

currently prepare XBRL data separately, after preparing the Related Official Filing. 

The Commission stated in the Inline XBRL Proposing Release that timely 

availability of free risk/return summary information in XBRL might reduce demand for 

some subscription products and services of fund data aggregators, to the extent that their 

value added is reduced by the timely availability of free XBRL information. However, as 

 

261 See letters from Federated I and II; ICI I and II; and USBFS.

262 See note 137 above and accompanying text.

263 See letters from ICI I and II and Federated I and II. One of these commenters estimated the 

additional mailing costs of sending the prospectuses separately at approximately $1.5 million per 

year. See letter from Federated II.
77

users of the data, data aggregators are likely to benefit from greater timeliness of 

risk/return summary XBRL data.264

c. Phase-In of Inline XBRL Requirements 

The amendments include a staggered phase-in of the Inline XBRL requirements 

for operating companies based on filer size and method of accounting, largely as 

proposed. In a change from the proposal, as suggested by several commenters,265 the 

amendments permit operating company Form 10-Q filers in each phase-in category to 

begin compliance with the Inline XBRL requirement with their first Form 10-Q for a 

fiscal period ending on or after the applicable compliance date for the respective phase-in 

category. This modification is expected to enable Form 10-Q filers in each phase-in 

category to accumulate Inline XBRL expertise by starting with a less complex filing and 

thus potentially facilitate the initial transition to Inline XBRL. 

The amendments also include a staggered phase-in of the Inline XBRL 

requirements for funds based on filer size. In a change from the proposal, based on input 

from commenters, the compliance dates have been extended by one year to give funds 

additional time to implement workflow changes necessary to transition to Inline XBRL 

and elimination of the 15 business day filing period. This modification is expected to 

facilitate transition, particularly for filers and filing agents that presently lack Inline 

XBRL capabilities.

The use of a phase-in defers the costs and benefits of Inline XBRL for some 

categories of filers. To the extent that the initial cost of transition to Inline XBRL has a 

 264 See, e.g., letters from Frei, Morningstar, and USBFS (referencing XBRL data use by data 

aggregators) and notes 130 and 143 above and accompanying and following text (discussing the 

benefits of greater timeliness to data aggregators).

265 See note 161 above.
78

fixed component that is independent of filer size, it will have a relatively greater effect 

on smaller filers. In light of this, under the phase-in schedule we are adopting, smaller 

filers will be given additional time to transition to Inline XBRL, which will defer the 

initial cost for small filers and partly mitigate the associated competitive effects. We 

further anticipate that late adopters will incur lower transition costs in absolute terms 

than early adopters. In particular, as time elapses after the initial group of filers adopts 

Inline XBRL, we expect filing agents and software vendors to accumulate Inline XBRL 

expertise and refine technological solutions offered to filers, which also may result in 

lower costs to filers. Furthermore, to the extent that the market for Inline XBRL 

preparation services and software becomes more competitive over time, the switching 

cost incurred by subsequent filers may be reduced. 

Similar to the proposal, the amendments will permit filers to use Inline XBRL 

before required. A high rate of such early transition to Inline XBRL would accelerate the 

economic impact of Inline XBRL. 

Until all filers adopt Inline XBRL, data users will have to maintain the capability 

to extract data in both the Inline XBRL format and the XBRL format, which may be 

incrementally costlier than using a single format (e.g., if all filers were required to use 

Inline XBRL at the same time and if early switching to Inline XBRL were not allowed). 

Given the very limited scope of modifications to their XBRL data extraction algorithms 

that data users are likely to need to switch to Inline XBRL and the public availability of 

open source tools to facilitate Inline XBRL data use, we expect this potential cost to be 

minimal. Differences in the timeliness of the availability of risk/return summary XBRL 
79

information during the transition period may reduce the efficiency of the use of XBRL 

data for fund comparisons until the XBRL filing delay is eliminated for all filers.

2. Elimination of the Website Posting Requirements for Financial Statement 

Information and Risk/Return Summaries

The elimination of the website posting requirements is expected to yield cost 

savings for filers. For purposes of the PRA, we estimate that the elimination of the 

website posting requirements will result in an average reduction in the annual internal 

burden associated with XBRL requirements of approximately four hours per filer per 

year for operating companies and approximately one hour per filing for funds.266 All of 

the commenters that addressed the proposed elimination of the website posting 

requirements supported it.267

The elimination of the website posting requirements could impose costs on some 

data users by reducing their access to XBRL data about individual filers. However, 

commenters indicated that investors and other users do not generally access XBRL data 

from operating company or fund websites.268 Based on our experience and input from 

commenters, we continue to believe that data users can efficiently and reliably access 

XBRL filing data through EDGAR and the Commission’s Really Simple Syndication 

(“RSS”) Feeds for purposes of data aggregation and processing and comparison of 

 266 See Section V.C.1 below.

267 See note 193 above. 

268 See, e.g., letters from Federated I (stating that “very few fund shareholders currently access, or 

have historically accessed, XBRL risk/return summary information via the Funds’ website”); 

USBFS (stating that it “is not aware of any significant use by investors or analysts of XBRL data 

posted to mutual fund websites and believes that any firm seeking to aggregate XBRL data would 

only be able to do so efficiently from a centralized location, such as the Commission’s EDGAR 

system.”); and Workiva I (stating that “the need to separately post filings on corporate filer 

websites no longer exists. Investors may locate filings either by searching EDGAR or the Internet. 

This unnecessary requirement should be removed.”) 
80

information across filers. Accordingly, we continue to believe that data users will incur 

minimal costs from the elimination of the website posting requirements. 

3. Termination of the 2005 XBRL Voluntary Program

The termination of the 2005 XBRL Voluntary Program is expected to have 

negligible economic effects on filers, filing agents, and software vendors given continued 

absence of participants in the program in recent years. Similarly, the aggregate economic 

effects on data users of terminating the 2005 XBRL Voluntary Program will likely be 

negligible. We did not receive comments on this aspect of the proposal. 

4. Alternatives

We considered several alternatives to the amendments concerning timing, scope, 

and optionality.

We could require Inline XBRL for all filers without a phase-in.269 A faster 

transition to Inline XBRL on a large scale could accelerate the realization of efficiency 

and data usability and quality gains. However, compared to the amendments, this 

alternative would accelerate the initial compliance costs for smaller filers, potentially 

placing them at a disadvantage, as stated by various commenters that supported the use of 

a phase-in to mitigate the initial transition burden on smaller filers, XBRL preparation 

software vendors, and filing agents.270

As another alternative, we could apply a different phase-in schedule. For 

example, one commenter recommended using a phase-in with four groups rather than 

three, starting with the 500 largest registrants, similar to the phase-in at the outset of the 

 269 See note 164 above (discussing two commenters that opposed a phase-in).

270 See notes 157-158 above. Separately, several commenters expressed concerns about the burden of

initial transition. See note 230 above.
81

financial statement information XBRL requirements.271 Another commenter 

recommended moving EGCs to the last year of the phase-in, regardless of accelerated 

filer status.272 The tradeoff between the costs and benefits of an alternative phase-in 

schedule depends on the number of affected filers, the net effect of Inline XBRL on the 

cost of compliance with XBRL requirements and the usability and quality of XBRL data 

for different categories of affected filers, the timing of the phase-in, and the number of 

early adopters. With respect to a later phase-in for all EGCs, the relative burden for filers 

of the fixed costs of initial transition to Inline XBRL is likely to depend on filer size 

rather than EGC status. Smaller EGC filers, which would have a potentially greater 

relative burden of initial transition, will not be required to comply until the fourth year 

after the effective date of the final amendments. More generally, we do not believe that 

further changes to the phase-in would result in meaningful net benefits relative to the 

amendments. A greater number of phase-in categories may introduce additional 

complexity and postpone the realization of benefits by data users. Moreover, the benefit 

of adding other phase-in categories to filers, XBRL preparation software vendors, and 

filing agents may be relatively incremental in light of the other steps taken to alleviate the 

potential burden of transition for those filers that use software or filing agents that do not 

presently have Inline XBRL capabilities. 

Inline XBRL requirements for financial statement information will apply to all 

operating company filers, including SRCs,273 EGCs,274 and FPIs,275 that currently are 

 271 See letter from EY.

272 See letter from BIO.

273 Based on staff analysis of EDGAR filings of Forms 10-K and 10-Q, we estimate that there were 

approximately 2,745 filers during calendar year 2017 that identified themselves as SRCs. Forms 

20-F and 40-F do not contain a checkbox to indicate SRC status. Concurrent with this release, the 
82

required to submit financial statement information in XBRL. As an alternative, as the 

Commission discussed in the Inline XBRL Proposing Release, we could exempt one or 

more of these categories of filers from the Inline XBRL requirement or create a new 

category of exempt filers (based on size or other criteria). One commenter did not 

specifically address an exemption from the Inline XBRL requirement but recommended 

exempting EGCs, SRCs, and nonaccelerated filers from XBRL requirements altogether, 

citing concerns about cost.276 Similarly, Inline XBRL requirements for risk/return 

summary information will apply to all funds that currently are required to submit 

risk/return summary information in XBRL. As an alternative, to address the concerns 

about the burden of initial transition to Inline XBRL for smaller filers,277 we could 

exempt smaller funds from the Inline XBRL requirement. To the extent that some filers 

that are currently subject to XBRL requirements would not be required to adopt Inline 

XBRL under these alternatives, the alternatives would likely result in smaller economic 

costs and benefits compared to the amendments. To the extent that smaller filers that do 

not currently have the Inline XBRL capability are more likely to be affected by the initial 

cost of transition to Inline XBRL, these alternatives would mitigate the competitive 

disadvantage for smaller filers relative to larger filers. However, compared to the 

 

Commission is adopting amendments to the SRC definition, which will expand the set of 

companies eligible for SRC status. See Release No. 33-10513 (Jun. 28, 2018).

274 Based on Ives Group’s AuditAnalytics data, as of December 2017, we estimate that there were 

approximately 1,941 filers of Form 10-K, 20-F, or 40-F during calendar year 2017 that had at 

some point identified themselves as EGCs. 

275 Based on staff analysis of EDGAR filings, we estimate that there were approximately 745 filers of 

Forms 20-F and 40-F during calendar year 2017. The estimate excludes foreign filers that filed 

only domestic forms. 

276 See letter from BIO.

277 See letter from USBFS.
83

amendments, these alternatives would likely reduce the benefits to data users expected 

from Inline XBRL. Several commenters indicated that exempting certain XBRL filers 

from Inline XBRL would diminish the benefits to data users and reduce economies of 

scale with regard to tools for creation and extraction of XBRL data.278 Further, to the 

extent that some filers would use XBRL while other filers would use Inline XBRL under 

this alternative, data users would have to maintain indefinitely the capabilities to extract 

both XBRL and Inline XBRL data, although the incremental cost of maintaining both sets 

of capabilities likely would be minimal. 

As another alternative, we could exempt FPIs from the Inline XBRL requirement. 

Compared to the final amendments, such an alternative could place FPIs at a competitive 

advantage relative to domestic filers, particularly smaller domestic filers, to the extent 

that exempt filers would not incur the cost of switching to Inline XBRL. It also would 

deprive investors and other XBRL data users of the associated benefits of Inline XBRL.

Under the amendments, the use of Inline XBRL will be mandatory for operating 

companies and funds. As an alternative, we could allow but not require the use of Inline 

XBRL for financial statement information and/or for risk/return summaries. Compared 

to the amendments, a voluntary approach could have lower costs for those filers and 

filing agents that do not believe Inline XBRL to be cost-efficient and would not transition 

to Inline XBRL.

279 However, a voluntary approach would also reduce potential benefits 

to data users, including potential data quality improvements and the ability to view 

contextual information about XBRL disclosures, compared to mandatory Inline XBRL, to 

 278 See note 177 above.

279 See note 230 above.
84

the extent that Inline XBRL use would be more widespread under a mandatory approach

than a voluntary one. In this regard, even if Inline XBRL is ultimately more efficient and 

generates aggregate benefits for filers and data users, individual filers may fail to 

voluntarily transition to Inline XBRL, resulting in a lower rate of Inline XBRL use under 

a voluntary approach than under a mandatory approach. This may occur for several 

reasons. A lack of awareness of new technology and inertia are common hurdles to 

market-wide adoption in voluntary regimes. In addition, coordination problems, as well 

as the existence of network externalities related to the majority of filers utilizing a 

particular technology, may lower the rate of voluntary adoption. Because individual 

filers do not internalize the aggregate benefits of Inline XBRL to other filers and data 

users, from an individual filer’s standpoint, it may be optimal to delay the one-time 

adjustment of workflow processes required to transition to Inline XBRL until other filers 

transition to Inline XBRL, in order to take advantage of potential future gains in Inline 

XBRL preparation experience and reductions in Inline XBRL preparation cost due to 

economies of scale. Because the industry is currently utilizing a non-Inline XBRL 

specification, until there is an impetus for coordinated transition, the rate of voluntary 

adoption of Inline XBRL may remain modest.280 In addition, under a voluntary 

alternative, to the extent that some filers use the Inline XBRL format while others use the 

XBRL format, data users would have to maintain indefinitely the capabilities to extract 

both XBRL and Inline XBRL data, although we expect the incremental costs of 

maintaining both capabilities would be minimal. 

 280 See note 59 above.
85

The amendments eliminate the 15 business day filing period for fund risk/return 

summary XBRL information. As an alternative, we could modify rather than eliminate 

the 15 business day filing period. For example, one commenter suggested that shortening 

the filing period to 10 business days would not result in a significant burden to funds

while another commenter suggested shortening the filing period to 7 days.281 These

alternatives present a tradeoff between the flexibility that the filing period provides and 

the timeliness of the availability of risk/return summary XBRL information to data users. 

Compared to the elimination of the XBRL filing period under the amendments, the 

alternatives of a 7- or 10-business day filing period would reduce the benefits to investors 

and other data users from receiving more timely information on fund expenses, risks, and 

returns in XBRL. Further, because Inline XBRL involves embedding tags into the 

HTML document, once a filer transitions to Inline XBRL, the relevance of preserving the 

separate XBRL filing period is reduced and the incremental benefits to the filer of an 

extended filing period are likely to be attenuated. 

The amendments eliminating the 15 business day filing period for funds do not 

change the liability provisions related to the Interactive Data File. As an alternative, we 

could temporarily modify the liability provisions pertaining to risk/return summary 

information XBRL data following the elimination of the 15 business day filing period, as 

suggested by one commenter.282 This alternative would temporarily reduce the costs to 

funds of liability for errors and omissions in risk/return summary information XBRL 

data, potentially decreasing the initial transition cost. However, given the extended 

 281 See notes 138-139 above.

282 See letter from Federated II.
86

period under the amendments for complying with the Inline XBRL requirement and the 

elimination of the 15 business day period, the benefit to funds from this alternative may 

be limited. Further, to the extent that this alternative could potentially weaken the 

incentives of filers to review XBRL data for accuracy during the temporary modified 

liability period, it could negatively impact data users. 

IV. OTHER MATTERS

If any of the provisions of these rules, or the application thereof to any person or 

circumstance, is held to be invalid, such invalidity shall not affect other provisions or 

application of such provisions to other persons or circumstances that can be given effect 

without the invalid provision or application.

V. PAPERWORK REDUCTION ACT

A. Background

The amendments concern existing XBRL data rules that contain collection of 

information requirements within the meaning of the PRA. The Commission published a 

notice requesting comment on changes to these collection of information requirements in 

the Inline XBRL Proposing Release, and the Commission submitted these changes to the 

Office of Management and Budget (“OMB”) for review in accordance with the PRA.283 

The titles for the affected collections of information are:

“Interactive Data” (OMB Control No. 3235-0645); and 

“Mutual Fund Interactive Data” (OMB Control No. 3235-0642). 

These collections of information require operating company and fund filers to 

submit specified information to the Commission as an exhibit to their current and 

 283 44 U.S.C. 3507(d) and 5 CFR 1320.11.
87

periodic reports and registration statements and post it on their websites, if any, in 

interactive data format. The information required is referred to as an Interactive Data 

File. The amendments will require operating company and fund filers, on a phased in 

basis, to embed part of the Interactive Data File within an HTML document using Inline 

XBRL and include the rest in an exhibit to that document. The amendments also will 

eliminate the current website posting requirements. 

The primary purpose of the amendments is to improve the usefulness and quality 

of, and, over time, to decrease the cost of preparing for submission, certain information 

filers are required to submit to the Commission in interactive data form. Compliance 

with the amendments will be mandatory according to the phase-in schedule. Responses 

to the collections of information will not be kept confidential by the Commission and 

there is no mandatory retention period for the collections of information. An agency may 

not conduct or sponsor, and a person is not required to respond to, a collection of 

information requirement unless it displays a currently valid OMB control number.

B. Summary of Comment Letters and Revisions to Proposals 

In the Inline XBRL Proposing Release, the Commission requested comment on 

our PRA burden hour and cost estimates and the analysis used to derive such estimates. 

We did not receive any comments that provided quantitative estimates concerning our 

PRA analysis and burden estimates of the amendments. However, several commenters 

that specifically addressed risk/return summary Inline XBRL requirements stated that the 

Commission may have underestimated the burden of initial transition to Inline XBRL.284 

Therefore, we are revising upward our estimate of the burden of initial transition to Inline 

 284 See letters from Federated I and II, ICI I and II, and USBFS.
88

XBRL for funds, as described in greater detail below. Further, in response to commenter 

concerns, we are modifying the compliance dates for funds and providing funds an 

additional year after the effective date of the amendments to comply with the Inline 

XBRL requirements. Therefore, we are revising the calculation of the average aggregate 

change in burden during the three-year period after the effective date of the amendments 

to reflect the modified phase-in. The other modifications to the proposal are not expected 

to affect burden estimates for the purposes of the PRA. We also are revising the estimate 

of the number of operating company and fund filers to reflect more recent information.

C. Reporting and Cost Burden Estimates

1. Registration Statement and Periodic Reporting

Form S-1 (OMB Control No. 3235-0065), Form S-3 (OMB Control No. 3235-

0073), Form S-4 (OMB Control No. 3235-0324), and Form S-11 (OMB Control No. 

3235-0067) prescribe information that a filer must disclose to register certain offers and 

sales of securities under the Securities Act. Form F-1 (OMB Control No. 3235-0258), 

Form F-3 (OMB Control No. 3235-0256), Form F-4 (OMB Control No. 3235-0325), and 

Form F-10 (OMB Control No. 3235-0380) prescribe information that an FPI must 

disclose to register certain offers and sales of securities under the Securities Act. Form 

10-K (OMB Control No. 3235-0063) prescribes information that a filer must disclose 

annually to the market about its business. Form 10-Q (OMB Control No. 3235-0070) 

prescribes information that a filer must disclose quarterly to the market about its business. 

Form 10 (OMB No. 3235-0064) prescribes information that a filer must disclose when 

registering a class of securities pursuant to the Exchange Act. Form 8-K (OMB No. 

3235-0060) prescribes information an issuer must disclose to the market upon the 
89

occurrence of certain specified events and enables an issuer to disclose other information 

voluntarily. Form 20-F (OMB Control No. 3235-0288) and Form 40-F (OMB No. 3235-

0381) are used by an FPI both to register a class of securities under the Exchange Act as 

well as to provide its annual report required under the Exchange Act. Form 6-K (OMB 

No. 3235-0116) prescribes information that an FPI must disclose regarding certain 

specified changes to its business and securities pursuant to the Exchange Act and enables 

an issuer to disclose other information voluntarily. The information required by the 

Interactive Data collection of information corresponds to specified financial information 

required by these forms. 

Form N-1A (OMB Control No. 3235-0307) is used by funds to register under the 

Investment Company Act and to offer their securities under the Securities Act. The 

information required by the Mutual Fund Interactive Data collection of information 

corresponds to specified risk/return summary information now required by Form N-1A

and is required to appear in exhibits to registration statements on Form N-1A and Rule 

497 submissions and on fund websites. Although the Mutual Fund Interactive Data filing 

requirements are included in Form N-1A, the Commission has separately reflected the 

burden for these requirements in the burden estimate for Mutual Fund Interactive Data 

and not in the burden for Form N-1A.

We continue to estimate that the Inline XBRL requirement for financial statement 

information will result in an initial increase in the existing internal burden of XBRL 

requirements (56 hours per response) by eight hours to switch to Inline XBRL. This 

increase in burden will be borne only for the initial response that uses Inline XBRL. We 

also continue to estimate that reductions in review time will result in a decrease of two
90

hours per response in the existing internal burden, beginning with the initial response and 

continuing on an ongoing basis.285 We further estimate that the average filer will incur a 

small increase in external cost of $5 per response (from $6,170 to $6,175) on an ongoing 

basis, beginning in the first year of compliance for its phase-in category. In the Inline 

XBRL Proposing Release we estimated that there would be 38,705 responses per year by 

8,601 filers.286 Based on more recent information on the number of filers, we estimate 

that there will be 37,418 responses per year by 8,315 filers.287 Based on the number of 

filers that we expect to be phased in during each of the first three years under the 

requirements,288 the number of filings that we expect those filers to make that will require 

interactive data, and the internal burden hour and external cost estimates per response 

discussed above, we estimate that, over the first three years of the Inline XBRL 

requirements, switching to the Inline XBRL format will decrease the aggregate average 

yearly burden of financial statement information XBRL requirements by 20,455 hours of 

in-house personnel time289 and increase the aggregate average yearly cost of services of 

outside professionals by $106,640.290

 285 Thus, for the initial response using Inline XBRL, we estimate that filers will experience a net 

increase in internal burden of 6 hours (8 hours - 2 hours = 6 hours).

286 See Inline XBRL Proposing Release, at 14301, n. 200. 8,601 filers x 4.5 responses per filer = 

38,705 responses per year.

287 See note 49 above. We continue to estimate that there will be 4.5 responses per filer per year. 

8,315 filers x 4.5 responses per filer = 37,418 responses. 

288 Based on staff analysis of Form 10-K, 10-Q, 20-F, and 40-F filings and amendments to them filed 

during calendar year 2017, approximately 26% of filers were large accelerated filers and 

approximately 19% of filers were accelerated filers. For purposes of this estimate, we assume that 

these percentages are representative of the percentages of filers in different phase-in categories.

289 The first response is estimated to incur a net additional burden of six hours per response and the 

remaining responses are estimated to incur a net decrease in burden of two hours per response. 

The calculation below considers the aggregate average yearly change in internal burden incurred 

by each of the three categories of filers during the first three years of the Inline XBRL 

requirements. Filers that are phased in during year two are assumed to incur no change in burden 
91

The elimination of the website posting requirement also is expected to reduce the 

paperwork burden of the financial statement information XBRL requirements. The 

Commission previously estimated that operating companies would incur an average of 

approximately four burden hours per filer per year to post interactive data to their 

websites. Based on the updated estimate of 8,315 filers, we estimate that the elimination 

of the website posting requirement will decrease the aggregate average yearly burden on 

operating company filers by 33,260 hours.291

 

during year one. Filers that are phased in during year three are assumed to incur no change in 

burden during years one and two. 

Filers phased in during year one: 8,315 x 26%. Average yearly change in internal burden per 

filer: [6 + (3.5 + 4.5 + 4.5) x (-2)] / 3 = -6.33 hours. Aggregate average yearly change in internal 

burden for filers phased in during year one: 8,315 x 26% x (-6.33 hours) = -13,685 hours.

Filers phased in during year two: 8,315 x 19%. Average yearly change in internal burden per 

filer: [0 + 6 + (3.5 + 4.5) x (-2)] / 3 = -3.33 hours. Aggregate average yearly change in internal 

burden for filers phased in during year two: 8,315 x 19% x (-3.33 hours) = -5,261 hours.

Filers phased in during year three: 8,315 x 55%. Average yearly change in internal burden per 

filer: [0 + 0 + 6 + 3.5 x (-2)] / 3 = -0.33 hours. Aggregate average yearly change in internal 

burden for filers phased in during year three: 8,315 x 55% x (-0.33 hours) = -1,509 hours.

Aggregate average yearly change in internal burden: -13,685 - 5,261 - 1,509 = -20,455 hours. 

290 Filers are estimated to incur an additional $5 per response beginning with the first year of 

compliance for their phase-in category. The calculation below considers the aggregate average 

yearly change in external cost incurred by each of the three categories of filers during the first 

three years of the Inline XBRL requirements. Filers that are phased in during year two are 

assumed to incur no change in external cost during year one. Filers that are phased in during year 

three are assumed to incur no change in external cost during years one and two. 

Filers phased in during year one: 8,315 x 26%. Average yearly change in external cost per filer: 

[$5 x 3 x 4.5] / 3 = $22.50. Aggregate average yearly change in external cost for filers phased in 

during year one: 8,315 x 26% x $22.50 = $48,643.

Filers phased in during year two: 8,315 x 19%. Average yearly change in external cost per filer: 

[$0 + $5 x 2 x 4.5] / 3 = $15.00. Aggregate average yearly change in external cost for filers 

phased in during year two: 8,315 x 19% x $15.00 = $23,698.

Filers phased in during year three: 8,315 x 55%. Average yearly change in external cost per filer:

[$0 + $0 + $5 x 4.5] / 3 = $7.50. Aggregate average yearly change in external cost for filers 

phased in during year three: 8,315 x 55% x $7.50 = $34,299.

Aggregate average yearly change in external cost: $48,643 + $23,698 + $34,299 = $106,640. 

291 8,315 x (-4) = -33,260 hours. 
92

The Commission previously estimated the aggregate average yearly burden of the 

existing XBRL requirements for operating companies as 2,167,480 hours of in-house 

personnel time292 and $238,809,850 in the cost of services of outside professionals.293 

Using more recent information on the number of filers, the aggregate average yearly 

burden of the existing XBRL requirements for operating companies would be 2,095,408 

hours of in-house personnel time294 and $230,869,060 in the cost of services of outside 

professionals.295 We estimate that in the first three years of the Inline XBRL 

requirements, the aggregate average yearly burden of XBRL requirements for operating 

companies will be 2,041,693 hours of in-house personnel time296 and $230,975,700 in the 

cost of services of outside professionals,297 which represents a decrease of 53,715 hours 

of in-house personnel time298 and an increase of $106,640 in the cost of services of 

outside professionals,

299 or a decrease of 6.46 hours of in-house personnel time per 

filer300 and an increase of $12.83 in the cost of services of outside professionals per 

filer.301

With respect to fund risk/return summaries, the Commission previously estimated 

that each fund will submit one Interactive Data File as an exhibit to a registration 

 292 8,601 x 4.5 = 38,705 responses. 38,705 responses x 56 hours per response = 2,167,480 hours. 

293 8,601 x 4.5 = 38,705 responses. 38,705 responses x $6,170 per response = $238,809,850.

294 8,315 x 4.5 = 37,418 responses. 37,418 responses x 56 hours per response = 2,095,408 hours. 

295 8,315 x 4.5 = 37,418 responses. 37,418 responses x $6,170 per response = $230,869,060.

296 2,095,408 - 53,715 = 2,041,693 hours. See note 294 above and note 298 below.

297 $230,869,060 + $106,640 = $230,975,700. See notes 290 and 295 above.

298 -20,455 - 33,260 = -53,715 hours. See notes 289 and 291 above.

299 See note 290 above.

300 -53,715 hours / 8,315 filers = -6.46 hours per filer. See notes 49 and 298 above.

301 $106,640 / 8,315 filers = $12.83 per filer. See notes 49 and 290 above.
93

statement or a post-effective amendment thereto, and that 36% of funds will submit an 

additional Interactive Data File as an exhibit to a filing pursuant to Rule 485(b) or Rule 

497. The Commission also previously estimated that (1) tagging and submitting fund 

risk/return data in XBRL format requires 11 hours per response, and (2) posting 

interactive data to the fund website requires one additional hour per response. In 

addition, the Commission previously estimated an external cost burden of $890 for the 

cost of goods and services purchased to comply with the current Interactive Data 

requirements, such as for software and/or the services of consultants and filing agents. 

The cost burden does not include the cost of the hour burden described above. 

In the Inline XBRL Proposing Release, the Commission estimated that there 

would be 15,104 responses per year by 11,106 funds.302 Based on updated industry 

figures on the number of funds, we estimate that there will be 15,206 responses per year 

by 11,181 funds.303 

The Inline XBRL Proposing Release also estimated that the Inline XBRL 

requirement for risk/return summary information would result in an initial increase in 

internal burden by two hours to switch to Inline XBRL. Commenters did not provide 

quantitative estimates of the impact of Inline XBRL on the burden of XBRL preparation 

for risk/return summaries. However, after considering qualitative input from some 

 302 See Inline XBRL Proposing Release, at 14302, n. 217.

303 See note 50 above. We continue to estimate that there will be 1.36 responses per fund per year. 

11,181 funds x 1.36 responses = 15,206 responses. 

One commenter estimated that it prepared approximately 336 XBRL filings during the past 

calendar year. See letter from Federated II. In its 2017 letter, the commenter stated that it had 123 

mutual funds. See letter from Federated I. This results in an estimate of approximately 2.73 (336 / 

123) filings per fund per year. However, we are not able to determine whether this commenter’s 

estimate of the average number of filings per fund is representative of other fund complexes. A 

comparable estimate for other filers is not readily obtainable from XBRL filings data since a 

number of XBRL filings report risk/return summary information for more than one fund.
94

commenters that indicated the Commission may have underestimated the cost of 

transition to Inline XBRL for funds,304 we are revising the estimate of the increase in 

internal burden for funds from two hours to four hours for the initial response. We 

continue to estimate that this increase in burden will be borne only for the initial response 

that uses Inline XBRL. Further, we continue to estimate that there will be a reduction in 

review time that will result in a decrease in internal burden of approximately 0.5 hours 

per response, beginning with the initial response and continuing on an ongoing basis.305 

We are postponing the phase-in for funds by one additional year after the effective date 

of the amendments. Based on the estimate of 11,181 funds,306 and accounting for the 

modifications to the phase-in of different filer categories, we estimate that the aggregate 

average yearly internal burden of risk/return summary information XBRL requirements 

will increase by 11,537 hours of in-house personnel time.307 We also continue to 

estimate that the average fund will incur an increase in software costs of $10 per year on 

 304 See letters from Federated I and II; ICI I and II; and USBFS. 

305 Thus, for the initial response using Inline XBRL, we estimate that funds will experience a net 

increase in hour burden of 3.5 hours (4.0 hours - 0.5 hours = 3.5 hours).

306 See note 50 above and accompanying text.

307 The calculation below considers the aggregate average yearly change in burden incurred by each 

of the two categories of funds during the first three years under the amendments. Based on staff 

analysis of data obtained from Morningstar Direct, as of May 2018, we estimate that a $1 billion 

asset threshold for groups of related investment companies will provide an extended compliance 

period to approximately two-thirds, or approximately 67%, of all mutual funds affected by the 

Inline XBRL requirements. See note 150 and accompanying text. 

Funds that are phased in during year two are assumed to incur no change in burden in year one. 

Funds that are phased in during year three are assumed to incur no change in burden in years one 

and two. 

Funds phased in during year two: 33% x 11,181 funds = 3,690 funds. Aggregate average yearly 

change in internal burden for funds phased in during year one: 3,690 funds x {[0 + 3.5 + (0.36 + 

1.36) x (-0.5)] / 3} hours per fund = 3,247 hours. 

Funds phased in during year three: 67% x 11,181 funds = 7,491 funds. Aggregate average yearly 

change in internal burden for funds phased in during year two: 7,491 funds x {[0 + 0+ 3.5 + (0.36) 

x (-0.5)] / 3} hours per fund = 8,290 hours.

Aggregate average yearly change in burden: 3,247 + 8,290 = 11,537 hours. 
95

an ongoing basis, beginning in the first year of compliance for its phase-in category with 

the Inline XBRL requirement. Based on the estimate of 11,181 funds,308 we estimate that 

the Inline XBRL requirement will result in an increase of $49,557 in the aggregate 

average yearly cost of services of outside professionals.309

The elimination of the website posting requirements is expected to reduce the 

paperwork burden for funds by one hour per response. We therefore estimate that the 

elimination of the website posting requirements will decrease the aggregate average 

yearly burden on funds by 15,206 hours of in-house personnel time or 1.36 hours per 

fund.310 

The Commission previously estimated that the existing risk/return summary 

information XBRL requirements require funds to expend 181,248 hours of in-house 

personnel time and $9,884,340 in the cost of services of outside professionals per year, 

based on an estimate of 11,106 funds.311 Based on updated industry figures, the existing 

 308 See note 50 above and accompanying text.

309 Funds are estimated to incur an additional $10 per year beginning with the first year of compliance 

for their phase-in category. The calculation below considers the aggregate average yearly change 

in external cost incurred by each of the two categories of funds during the first three years under 

the amendments. See note 307 above.

Funds phased in during year two: 33% x 11,181 funds = 3,690 funds. Average yearly change in 

external cost per fund: [$0 + $10 + $10] / 3 = $6.67 per fund. Aggregate average yearly change in 

external cost for all funds phased in during year one: 3,690 funds x $6.67 per fund = $24,612.

Funds phased in during year three: 67% x 11,181 funds = 7,491 funds. Average yearly change in 

external cost per fund: [$0 + $0 + $10] / 3 = $3.33 per fund. Aggregate average yearly change in 

external cost for all funds phased in during year two: 7,491 funds x $3.33 per fund = $24,945.

Aggregate average yearly change in external cost: $24,612 + $24,945 = $49,557.

310 15,206 responses x (-1) hour per response = -15,206 hours.

1.36 responses per fund x (-1) hour per response = -1.36 hours per fund.

311 See Inline XBRL Proposing Release, nn. 219-220. 

15,104 responses x (11 + 1) hours per response = 181,248 hours. 

11,106 funds x $890 per fund = $9,884,340.
96

XBRL requirements for funds will require 182,472 hours of in-house personnel time and 

$9,951,090 in the cost of services of outside professionals.312 We estimate that in the 

first three years under the amendments, the aggregate average yearly burden of XBRL 

requirements for funds will decrease to 178,803 hours of in-house personnel time313 and 

the aggregate average yearly cost of services of outside professionals will increase to 

$10,000,647,314 which represents a decrease of 3,669 hours of in-house personnel time315

and an increase of $49,557 in the cost of services of outside professionals,

316 or a 

decrease of 0.33 hours of in-house personnel time per filer317 and an increase of $4.43 in 

the cost of services of outside professionals per filer.318

We are submitting these revised burden estimates to OMB for review in 

accordance with the PRA and its implementing regulations.319

2. Regulation S-K and Regulation S-T

Regulation S-K (OMB Control No. 3235-0071) specifies information that must be 

provided in filings under both the Securities Act and the Exchange Act. Regulation S-T

(OMB Control No. 3235-0424) specifies the requirements that govern the electronic 

submission of documents. The amendments will revise rules under Regulations S-K and 

S-T. Any changes in the paperwork burden arising from these amendments, however, 

 312 See note 303 above. 15,206 responses x (11 + 1) hours per response = 182,472 hours.

11,181 funds x $890 per fund = $9,951,090.

313 182,472 - 15,206 + 11,537 = 178,803 hours. See notes 307, 310, and 312 above.

314 $9,951,090 + $49,557 = $10,000,647. See notes 309 and 312 above. 

315 -15,206 + 11,537 = -3,669 hours. See notes 307 and 310 above.

316 See note 309 above.

317 -3,669 hours / 11,181 filers = -0.33 hours per filer. See notes 50 and 315 above.

318 $49,557 / 11,181 filers = $4.43 per filer. See notes 50 and 309 above.

319 44 U.S.C. 3507(d); 5 CFR 1320.11.
97

will be reflected in the Interactive Data collection of information and the Mutual Fund 

Interactive Data collection of information. The rules in Regulations S-K and S-T do not 

impose any separate burden. We assign one burden hour each to Regulations S-K and ST for administrative convenience to reflect the fact that these regulations do not impose 

any direct burden on filers.320

VI. FINAL REGULATORY FLEXIBILITY ACT ANALYSIS

This Final Regulatory Flexibility Analysis (“FRFA”) has been prepared in 

accordance with the Regulatory Flexibility Act (“RFA”).

321 This FRFA relates to 

amendments that will require operating companies to provide financial statement 

information and funds to provide risk/return summary information to the Commission in 

the Inline XBRL format.

A. Need for, and Objectives of, the Final Amendments

The primary reason for, and objective of, these amendments is to improve the 

usefulness and quality of, and, over time, to decrease the cost of preparing for 

submission, certain information that filers are required to submit to the Commission in 

interactive data form. The need for, and objectives of, the final amendments are 

discussed in more detail in Section III.A above.

B. Significant Issues Raised by Public Comments

In the Inline XBRL Proposing Release, the Commission requested comment on 

any aspect of the Initial Regulatory Flexibility Analysis (“IRFA”), including the number 

 320 For purposes of the PRA, we estimate that no funds participate in the 2005 XBRL Voluntary 

Program each year. This information collection, therefore, imposes no paperwork burden. The 

proposed termination of the program will therefore not result in changes in burden, except the 

elimination of one hour associated with this information collection for administrative purposes.

321 5 U.S.C. 601 et seq.
98

of small entities that would be affected by the proposed rules, the nature of the impact, 

and how to quantify the impact of the amendments. We did not receive comments 

specifically addressing the IRFA. Several commenters, however, addressed aspects of the 

proposed amendments that could potentially affect small entities. In particular, several 

commenters expressed concern that the proposed transition to Inline XBRL will have a 

relatively greater impact on smaller filers. To facilitate transition for smaller filers, the 

majority of the commenters that addressed this issue supported a phase-in period.

322 

Several commenters also recommended that Form 10-Q filers not be required to file 

Form 10-K in Inline XBRL until after they have filed Form 10-Q in Inline XBRL.323

Several commenters opposed requiring Inline XBRL for some or all filers.

324 A few

commenters that specifically discussed risk/return summaries expressed concern about 

the burden to filers of the initial transition to Inline XBRL and the elimination of the 15 

business day filing period.325

To alleviate the potential impact of transition to Inline XBRL on smaller 

operating company filers, we are adopting, as proposed, the phased compliance dates that 

defer the Inline XBRL requirement until the fourth year after the effective date for nonaccelerated filers that prepare their financial statements in accordance with U.S. GAAP. 

In a modification from the proposal, in response to comments, and to further alleviate the 

potential impact of transition for all domestic form filers, including small entities, 

domestic form filers will be required to comply beginning with their first Form 10-Q for 

 322 See notes 157-158 above.

323 See note 161 above.

324 See note 83 above.

325 See note 115 above. One of these commenters specifically mentioned the concern that the 

requirement would impose costs on smaller registrants. See letter from USBFS.
99

a fiscal period ending on or after the applicable compliance date, as opposed to the first 

filing for a fiscal period ending on or after that date, to enable filers to gain experience 

with Inline XBRL through less complex filings. 

Further, to alleviate the potential impact of transition to Inline XBRL on smaller 

fund filers, we are postponing the proposed phased compliance dates to defer the Inline 

XBRL requirement by an additional year. To facilitate XBRL submissions, as proposed, 

and consistent with commenter input, we are permitting concurrent submission of 

risk/return summary XBRL data with certain post-effective amendments under Rule 

485(b).

C. Small Entities Subject to the Amendments

The amendments will affect some small entities. The RFA defines “small entity”

to mean “small business”, “small organization”, or “small governmental jurisdiction”.

326 

For purposes of the RFA, under our rules, an entity, other than an investment company, is 

a “small business” or “small organization” if it had total assets of $5 million or less on 

the last day of its most recent fiscal year.327 We estimate that there are approximately 

1,163 filers, other than investment companies, that may be considered small entities and 

are subject to the amendments.

328 All of these filers will be required to comply with the 

amendments by the end of the phase-in.

In addition, for purposes of the RFA, an investment company, including a BDC,

is a small entity if it, together with other investment companies in the same group of 

 326 5 U.S.C. 601(6).

327 17 CFR 240.0-10(a). 

328 This estimate is based on staff analysis of XBRL data submitted by filers, other than coregistrants, with EDGAR filings of Forms 10-K, 20-F, and 40-F and amendments filed during the 

calendar year 2017.
100

related investment companies, has net assets of $50 million or less as of the end of its 

most recent fiscal year.329 We estimate that, as of December 31, 2017, there were 54 

open-end investment companies that would be considered small entities, including openend ETFs.

330

D. Projected Reporting, Recordkeeping and Other Compliance Requirements

All filers subject to the amendments currently are required to file an Interactive 

Data File entirely as an exhibit to their Commission filings. Under the amendments, 

filers will be required to embed part of the Interactive Data File within an HTML 

document using Inline XBRL and include the rest in an exhibit to that document. The

requirement to use Inline XBRL will result in a small initial switching cost for filers but, 

as discussed in Sections III.B.1.a and V.C above, overall, for most filers, we anticipate 

that the use of Inline XBRL will, over time, reduce the ongoing internal burden of 

compliance with the XBRL requirements due to the removal of the requirement to 

include the entire Interactive Data File within an exhibit and slightly increase the external 

cost burden of compliance with the XBRL requirements due to modifications to XBRL 

preparation software.

331 We also expect that the adopted elimination of the requirements

to post the Interactive Data File on filers’ websites will reduce their compliance costs.

332

The Inline XBRL requirement is expected to result in an initial cost of transition 

for filers when the requirement is implemented. The professional skills necessary for this 

requirement may be developed internally by filers or outsourced to third-party vendors. 

 329 17 CFR 270.0-10(a).

330 This estimate is derived from an analysis of data obtained from Morningstar Direct as well as data 

reported on Form N-SAR filed with the Commission for the period ending December 31, 2017.

331 See notes 300, 301, 317, and 318 above.

332 See notes 291 and 310 above.
101

To that end, filer costs may include obtaining Inline XBRL preparation software or 

service capabilities from their own or third-party sources. Filers that already use their 

own or third-party Inline XBRL enabled filing solutions or filing solutions that can 

readily be modified to accommodate the Inline XBRL format are expected to incur a 

minimal initial cost.333 Although we recognize the likelihood of somewhat greater initial 

costs being incurred by filers that do not use such filing solutions, we believe that the 

initial cost of transition to Inline XBRL for those filers will still be small. In particular, 

we expect the cost to be small because the amendments consist primarily of an electronic 

format change. The amendments do not modify the substance of the XBRL requirements 

and thus do not affect the disclosure mapping process, which precedes the creation of the 

XBRL submission and accounts for the overwhelming majority of the XBRL preparation 

burden.

Inline XBRL cannot be used with the ASCII format. Thus, filers that prepare the 

Related Official Filing in ASCII will incur additional costs of switching to HTML, and 

any fixed costs of such a change will have a relatively greater effect on smaller entities.

We continue to believe that such costs will be minimal. First, a relatively small 

proportion of filers will have to switch to HTML as a result of the amendments.

334 

Second, the average costs of switching from ASCII to HTML are expected to be small 

because the software tools to prepare and file documents in HTML are widely used and 

 333 See notes 61-62 above.

334 See notes 238-241 above and accompanying text. 
102

the incremental cost of HTML features is minimal.

335 We continue to believe that the 

remaining impact on smaller ASCII filers, if any, will be alleviated by the phase-in. 

The amendments are discussed in detail in Section III.A above. We discuss the 

economic impact, including the estimated compliance costs and burdens, of the 

amendments in Section III.B and Section V above.

E. Agency Action to Minimize Effect on Small Entities

The RFA directs us to consider alternatives that would accomplish the stated 

objectives of our amendments, while minimizing any significant adverse impact on small 

entities. Specifically, we considered the following alternatives: (1) establishing different 

compliance or reporting requirements or timetables that take into account the resources 

available to small entities; (2) clarifying, consolidating, or simplifying compliance and 

reporting requirements for small entities under the amendments; (3) using performance 

rather than design standards; and (4) exempting small entities from coverage of all or part 

of these amendments.

The amendments include different compliance schedules for operating companies,

with a three-year phase-in based on filer size and use of accounting principles. Operating 

company small entities will not be subject to the Inline XBRL requirements until the final 

year of the phase-in. This different compliance timetable will enable smaller filers to 

defer the burden of any additional cost, learn from filers that comply earlier, and take 

advantage of any increases in the quality or decreases in the price of Inline XBRL 

preparation services or software that arise from expertise or competition that develops 

prior to their compliance date. Commenters generally supported the proposed phased 

 335 See note 242 above.
103

approach to compliance. Additionally, in response to comments, we are changing the 

phase-in for operating company filers to start with a Form 10-Q filing, which will 

simplify the initial compliance and reporting requirement for all domestic form filers, 

including small entities. 

With respect to fund filers, the amendments similarly include different 

compliance schedules for funds based on filer size. The amendments extend the phase-in 

by an additional year relative to the proposal in response to commenter suggestions and 

concerns about the burden of transition for smaller funds. Thus, fund small entities will 

not be subject to the Inline XBRL requirements or the elimination of the 15 business day 

filing period until three years after the effective date of the amendments. 

The elimination of the website posting requirements also will consolidate and 

simplify the compliance and reporting requirements for all operating companies and 

funds with respect to their interactive data. We do not believe that further clarification, 

consolidation, or simplification for small entities is appropriate because we believe that 

phased mandatory conversion of all filers to Inline XBRL is necessary to realize the 

benefits of Inline XBRL to data users.

We are not adopting a partial or complete exemption from the Inline XBRL 

requirements or the use of performance rather than design standards for filers that are 

small entities because we believe that the long-term, consistent use of Inline XBRL may 

reduce the time and effort required to prepare XBRL filings, simplify the review process 

for filers, and improve the usefulness and quality of XBRL data, thereby benefiting 

investors, other market participants, and other data users and potentially increasing the 
104

use of XBRL data. We also note that the elimination of the website posting requirements

is expected to decrease the burden on all filers, including small entities.

VII. STATUTORY BASIS 

The amendments contained in this document are being adopted under the 

authority set forth in Sections 7, 10, and 19(a) of the Securities Act;

336 Sections 3, 12, 13, 

15(d), 23(a), and 35A of the Exchange Act;

337 Sections 8, 24, 30, and 38 of the 

Investment Company Act;

338 and Section 3(a) of the Sarbanes-Oxley Act.339

TEXT OF THE FINAL RULE AND FORM AMENDMENTS 

List of Subjects

17 CFR Part 229

Reporting and recordkeeping requirements, Securities.

17 CFR Part 230

Investment companies, Reporting and recordkeeping requirements, Securities.

17 CFR Part 232

Administrative practice and procedure, Reporting and recordkeeping requirements, 

Securities.

17 CFR Parts 239 and 249

Reporting and recordkeeping requirements, Securities.

17 CFR Parts 270 and 274

Investment companies, Reporting and recordkeeping requirements, Securities.

 336 15 U.S.C. 77g, 77j and 77s(a).

337 15 U.S.C. 78c, 78l, 78m, 78o(d), 78w(a) and 78ll.

338 15 U.S.C. 80a-8, 80a-24, 80a-29 and 80a-37.

339 Pub. L. 107-204, 116 Stat. 745.
105

For the reasons stated in the preamble, the Commission is amending title 17, 

chapter II of the Code of the Federal Regulations as follows:

PART 229 – STANDARD INSTRUCTIONS FOR FILING FORMS UNDER 

SECURITIES ACT OF 1933, SECURITIES EXCHANGE ACT OF 1934 AND 

ENERGY POLICY AND CONSERVATION ACT OF 1975—REGULATION S-K

1. The authority citation for part 229 continues to read as follows:

Authority: 15 U.S.C. 77e, 77f, 77g, 77h, 77j, 77k, 77s, 77z-2, 77z-3, 77aa(25), 77aa(26), 

77ddd, 77eee, 77ggg, 77hhh, 77iii, 77jjj, 77nnn, 77sss, 78c, 78i, 78j, 78j-3, 78l, 78m, 

78n, 78n-1, 78o, 78u-5, 78w, 78ll, 78 mm, 80a-8, 80a-9, 80a-20, 80a-29, 80a-30, 80a31(c), 80a-37, 80a-38(a), 80a-39, 80b-11, and 7201 et seq.; 18 U.S.C. 1350; Sec. 953(b) 

Pub. L. 111-203, 124 Stat. 1904 (2010); and Sec. 102, Pub. L. 112-106, 126 Stat. 310 

(2012).

2. Amend §229.601 by:

a. Removing and reserving entry (100) from the exhibit table in 

paragraph (a);

b. Removing and reserving paragraph (b)(100); and

c. Revising paragraph (b)(101).

The revision reads as follows:

§229.601 (Item 601) Exhibits. 

* * * * *

(b) * * *

(100) [Reserved]

(101) Interactive Data File. Where a registrant prepares its financial statements in 

accordance with either generally accepted accounting principles as used in the United 
106

States or International Financial Reporting Standards as issued by the International 

Accounting Standards Board, an Interactive Data File (§232.11 of this chapter) is:

(i) Required to be submitted. Required to be submitted to the Commission in the 

manner provided by §232.405 of this chapter if the registrant does not prepare its 

financial statements in accordance with 17 CFR 210.6-01 through 210.6-10 (Article 6 of 

Regulation S-X), except that an Interactive Data File:

(A) First is required for a periodic report on Form 10-Q (§249.308a of this 

chapter), Form 20-F (§249.220f of this chapter), or Form 40-F (§249.240f of this 

chapter), as applicable;

(B) Is required for a registration statement under the Securities Act only if the 

registration statement contains a price or price range; and

(C) Is required for a Form 8–K (§249.308 of this chapter) only when the Form 8–

K contains audited annual financial statements that are a revised version of financial 

statements that previously were filed with the Commission and that have been revised 

pursuant to applicable accounting standards to reflect the effects of certain subsequent 

events, including a discontinued operation, a change in reportable segments or a change 

in accounting principle. In such case, the Interactive Data File will be required only as to 

such revised financial statements regardless of whether the Form 8–K contains other 

financial statements.

(ii) Permitted to be submitted. Permitted to be submitted to the Commission in the 

manner provided by §232.405 of this chapter if the:

(A) Registrant does not prepare its financial statements in accordance with 17 

CFR 210.6-01 through 210.6-10 (Article 6 of Regulation S-X); and
107

(B) Interactive Data File is not required to be submitted to the Commission under 

paragraph (b)(101)(i) of this section.

Instruction 1 to paragraphs (b)(101)(i) and (ii): When an Interactive Data File is 

submitted as provided by §232.405(a)(3)(i) of this chapter, the exhibit index must include 

the word “Inline” within the title description for any eXtensible Business Reporting 

Language (XBRL)-related exhibit.

(iii) Not permitted to be submitted. Not permitted to be submitted to the 

Commission if the registrant prepares its financial statements in accordance with 17 CFR 

210.6-01 through 210.6-10 (Article 6 of Regulation S-X).

* * * * *

PART 230 - GENERAL RULES AND REGULATIONS, SECURITIES ACT OF 

1933

3. The authority citation for part 230 continues to read in part as follows:

Authority: 15 U.S.C. 77b, 77b note, 77c, 77d, 77f, 77g, 77h, 77j, 77r, 77s, 77z-3, 77sss, 

78c, 78d, 78j, 78l, 78m, 78n, 78o, 78o-7 note, 78t, 78w, 78ll(d), 78mm, 80a-8, 80a-24, 

80a-28, 80a-29, 80a-30, and 80a-37, and Pub. L. 112-106, sec. 201(a), sec. 401, 126 Stat. 

313 (2012), unless otherwise noted.

* * * * *

4. Amend §230.144 by revising paragraph (c)(1)(ii) and paragraphs 1.b and 2 of 

Note to §230.144(c) to read as follows:

§230.144 Persons deemed not to be engaged in a distribution and therefore not 

underwriters.

* * * * *

(c) * * *
108

(1) * * *

(ii) Submitted electronically every Interactive Data File (§232.11 of this 

chapter) required to be submitted pursuant to §232.405 of this chapter, during the 12 

months preceding such sale (or for such shorter period that the issuer was required to 

submit such files); or

* * * * *

NOTE TO §230.144(c): * * *

1. * * *

b. Submitted electronically every Interactive Data File (§232.11 of this 

chapter) required to be submitted pursuant to §232.405 of this chapter, during the 

preceding 12 months (or for such shorter period that the issuer was required to submit 

such files); or

2. A written statement from the issuer that it has complied with such reporting 

or submission requirements.

* * * * *

5. Amend §230.485 by revising paragraph (c)(3) to read as follows:

§230.485 Effective date of post-effective amendments filed by certain registered 

investment companies.

* * * * *

(c) * * *

(3) A registrant’s ability to file a post-effective amendment, other than an 

amendment filed solely for purposes of submitting an Interactive Data File, under 

paragraph (b) of this section is automatically suspended if a registrant fails to submit 

any Interactive Data File as required by General Instruction C.3.(g) of Form N-1A
109

(§§239.15A and 274.11A of this chapter). A suspension under this paragraph (c)(3) 

shall become effective at such time as the registrant fails to submit an Interactive Data 

File as required by General Instruction C.3.(g) of Form N-1A. Any such suspension,

so long as it is in effect, shall apply to any post-effective amendment that is filed after 

the suspension becomes effective, but shall not apply to any post-effective 

amendment that was filed before the suspension became effective. Any suspension 

shall apply only to the ability to file a post-effective amendment pursuant to 

paragraph (b) of this section and shall not otherwise affect any post-effective 

amendment. Any suspension under this paragraph (c)(3) shall terminate as soon as a 

registrant has submitted the Interactive Data File as required by General Instruction 

C.3.(g) of Form N-1A.

* * * * *

6. Amend §230.497 by revising the last sentence of paragraphs (c) and (e) to read as 

follows:

§230.497 Filing of investment company prospectuses – number of copies.

* * * * *

(c) * * * Investment companies filing on Form N-1A must, if applicable 

pursuant to General Instruction C.3.(g) of Form N-1A, submit an Interactive Data File 

(§232.11 of this chapter).

* * * * *

(e) * * * Investment companies filing on Form N-1A must, if applicable 

pursuant to General Instruction C.3.(g) of Form N-1A, submit an Interactive Data File 

(§232.11 of this chapter).
110

* * * * *

PART 232—REGULATION S-T—GENERAL RULES AND REGULATIONS 

FOR ELECTRONIC FILINGS

7. The authority citation for part 232 continues to read in part as follows:

Authority: 15 U.S.C. 77c, 77f, 77g, 77h, 77j, 77s(a), 77z-3, 77sss(a), 78c(b), 78l, 78m, 

78n, 78o(d), 78w(a), 78ll, 80a-6(c), 80a-8, 80a-29, 80a-30, 80a-37, 7201 et seq.; and 18 

U.S.C. 1350, unless otherwise noted.

* * * * *

8. Amend §232.11 by revising the definition of “Interactive Data File”, removing 

the definition of “Promptly”, revising the definition of “Related Official Filing”, and 

removing the definition of “XBRL-Related Documents” to read as follows:

§232.11 Definition of terms used in part 232.

* * * * *

Interactive Data File. The term Interactive Data File means the machinereadable computer code that presents information in eXtensible Business Reporting 

Language (XBRL) electronic format pursuant to §232.405 and as specified by the 

EDGAR Filer Manual. When a filing is submitted using Inline XBRL as provided by 

§232.405(a)(3), a portion of the Interactive Data File is embedded into a filing with 

the remainder submitted as an exhibit to the filing.

* * * * *

Related Official Filing. The term Related Official Filing means the ASCII or 

HTML format part of the official filing with which all or part of an Interactive Data 

File appears as an exhibit or, in the case of a filing on Form N-1A (§§239.15A and 
111

274.11A of this chapter), the ASCII or HTML format part of an official filing that 

contains the information to which an Interactive Data File corresponds. 

* * * * *

9. Amend §232.201 by revising paragraphs (b) and (c) to read as follows:

§232.201 Temporary hardship exemption.

* * * * *

(b) An electronic format copy of the filed paper format document shall be 

submitted to the Commission within six business days of filing the paper format 

document. Failure to submit the confirming electronic copy of a paper filing made in 

reliance on the temporary hardship exemption, as required in this paragraph (b), will 

result in ineligibility to use Form SF-3 (see §239.45 of this chapter). The electronic 

format version shall contain the following statement in capital letters at the top of the first 

page of the document:

THIS DOCUMENT IS A COPY OF THE (specify document) FILED ON 

(date) PURSUANT TO A RULE 201 TEMPORARY HARDSHIP EXEMPTION

NOTE 1 TO PARAGRAPH (b): As provided elsewhere in this chapter, failure to 

submit the confirming electronic copy of a paper filing made in reliance on the 

temporary hardship exemption, as required in paragraph (b) of this section, will result 

in ineligibility to use Forms S-3, S-8, and F-3 (see §§239.13, 239.16b, and 239.33 of 

this chapter, respectively), restrict incorporation by reference into an electronic filing 

of the document submitted in paper (see §232.303), and toll certain time periods 

associated with tender offers (see §§240.13e-4(f)(13) and 240.14e-1(e) of this 

chapter).
112

Note 2 to paragraph (b): If the exemption relates to an exhibit only, the 

requirement to submit a confirming electronic copy shall be satisfied by refiling the 

exhibit in electronic format in an amendment to the filing to which it relates. The

confirming copy tag should not be used. The amendment should note that the purpose 

of the amendment is to add an electronic copy of an exhibit previously filed in paper 

pursuant to a temporary hardship exemption.

(c) If an electronic filer experiences unanticipated technical difficulties 

preventing the timely preparation and submission of an Interactive Data File 

(§232.11) as required pursuant to §232.405, the electronic filer still can timely satisfy 

the requirement to submit the Interactive Data File in the following manner:

(1) Substitute for the Interactive Data File exhibit a document that sets forth 

the following legend:

IN ACCORDANCE WITH THE TEMPORARY HARDSHIP EXEMPTION 

PROVIDED BY RULE 201 OF REGULATION S-T, THE DATE BY WHICH THE 

INTERACTIVE DATA FILE IS REQUIRED TO BE SUBMITTED HAS BEEN 

EXTENDED BY SIX BUSINESS DAYS; and

(2) Submit the required Interactive Data File no later than six business days 

after the Interactive Data File originally was required to be submitted.

NOTE 1 TO PARAGRAPH (c): As provided elsewhere in this chapter, electronic 

filers unable to submit the Interactive Data File under the circumstances specified by 

paragraph (c) of this section, must comply with the provisions of this section and 

cannot use Form 12b-25 (§249.322 of this chapter) as a notification of late filing. As 

also provided elsewhere in this chapter, failure to submit the Interactive Data File as 
113

required by the end of the six-business-day period specified by paragraph (c) of this 

section will result in ineligibility to use Forms S-3, S-8, and F-3 (§§239.13, 239.16b, 

and 239.33 of this chapter, respectively), constitute a failure to have filed all required 

reports for purposes of the current public information requirements of §230.144(c)(1) 

of this chapter, and, pursuant to §230.485(c)(3) of this chapter, suspend the ability to 

file post-effective amendments under §230.485(b) of this chapter.

* * * * *

10. Amend §232.202 by:

a. Revising paragraphs (a) introductory text, (a)(2), (b)(2) and (3), (c)(1), and 

(c)(2) introductory text;

b. Removing paragraph (c)(3); and

c. Revising paragraphs (d)(1) and (2) and Notes 3 and 4 to §232.202.

The revisions read as follows:

§232.202 Continuing hardship exemption.

(a) An electronic filer may apply in writing for a continuing hardship exemption if 

all or part of a filing, group of filings or submission, other than a Form ID (§§239.63, 

249.446, 269.7, and 274.402 of this chapter), a Form D (§239.500 of this chapter), or an 

Asset Data File (§232.11), otherwise to be filed or submitted in electronic format cannot 

be so filed or submitted, as applicable, without undue burden or expense. Such written 

application shall be made at least ten business days before the required due date of the 

filing(s) or submission(s) or the proposed filing or submission date, as appropriate, or 

within such shorter period as may be permitted. The written application shall contain the 

information set forth in paragraph (b) of this section.
114

* * * * *

(2) If the Commission, or the staff acting pursuant to delegated authority, denies 

the application for a continuing hardship exemption, the electronic filer shall file or 

submit the required document or Interactive Data File in electronic format, as applicable, 

on the required due date or the proposed filing or submission date, or such other date as 

may be permitted.

* * * * *

(b) * * *

(2) The burden and expense involved to employ alternative means to make the 

electronic submission; and/or

(3) The reasons for not submitting electronically the document, group of 

documents or Interactive Data File, as well as the justification for the requested time 

period.

(c) * * *

(1) Electronic filing of a document or group of documents, not electronic 

submission of an Interactive Data File, then the electronic filer shall submit the 

document or group of documents for which the continuing hardship exemption is 

granted in paper format on the required due date specified in the applicable form, rule 

or regulation, or the proposed filing date, as appropriate and the following legend 

shall be placed in capital letters at the top of the cover page of the paper format 

document(s):
115

IN ACCORDANCE WITH RULE 202 OF REGULATION S-T, THIS (specify 

document) IS BEING FILED IN PAPER PURSUANT TO A CONTINUING 

HARDSHIP EXEMPTION. 

(2) Electronic submission of an Interactive Data File, then the electronic filer 

shall substitute for the Interactive Data File exhibit a document that sets forth one of 

the following legends, as appropriate:

* * * * *

(d) * * *

(1) Electronic filing of a document or group of documents, not electronic 

submission of an Interactive Data File, then the grant may be conditioned upon the 

filing of the document or group of documents that is the subject of the exemption in 

electronic format upon the expiration of the period for which the exemption is 

granted. The electronic format version shall contain the following statement in capital 

letters at the top of the first page of the document:

THIS DOCUMENT IS A COPY OF THE (specify document) FILED ON (date) 

PURSUANT TO A RULE 202(d) CONTINUING HARDSHIP EXEMPTION.

(2) Electronic submission of an Interactive Data File, then the grant may be 

conditioned upon the electronic submission of the Interactive Data File that is the 

subject of the exemption upon the expiration of the period for which the exemption is 

granted.

* * * * *

NOTE 3 TO §232.202: As provided elsewhere in this chapter, failure to submit 

a required confirming electronic copy of a paper filing made in reliance on a 
116

continuing hardship exemption granted pursuant to paragraph (d) of this section will 

result in ineligibility to use Forms S-3, S-8, and F-3 (see, §§239.13, 239.16b, and 

239.33 of this chapter, respectively), restrict incorporation by reference into an 

electronic filing of the document submitted in paper (see §232.303), and toll certain 

time periods associated with tender offers (see §§240.13e-4(f)(13) and 240.14e-1(e) 

of this chapter).

NOTE 4 TO §232.202: As provided elsewhere in this chapter, failure to submit 

the Interactive Data File as required by §232.405 by the end of the continuing 

hardship exemption if granted for a limited period of time, will result in ineligibility 

to use Forms S-3, S-8, and F-3 (§§239.13, 239.16b, and 239.33 of this chapter, 

respectively), constitute a failure to have filed all required reports for purposes of the 

current public information requirements of §230.144(c)(1) of this chapter, and, 

pursuant to §230.485(c)(3) of this chapter, suspend the ability to file post-effective 

amendments under §230.485(b) of this chapter.

11. Amend §232.305 by revising paragraph (b) to read as follows:

§232.305 Number of characters per line; tabular and columnar information.

* * * * *

(b) Paragraph (a) of this section does not apply to HTML documents, 

Interactive Data Files (§232.11) or Interactive Data Financial Reports (§232.11).

12. Revise the undesignated center heading between §§232.314 and 232.401 to 

read as follows:

Interactive Data

§§232.401 and 232.402 [Removed and Reserved]
117

13. Remove and reserve §§232.401 and 232.402.

14. Amend §232.405 by:

a. Revising the section heading;

b. Removing Preliminary Notes 1, 2, and 3;

c. Adding introductory text;

d. Revising the heading of paragraph (a) and paragraphs (a)(1) and (2);

e. Removing paragraph (a)(4) and redesignating paragraph (a)(3) as 

paragraph (a)(4);

f. Adding new paragraph (a)(3);

g. Revising newly redesignated paragraph (a)(4); 

h. Revising the introductory text of paragraphs (d) and (e) and paragraph (f);

i. Removing paragraph (g); and

j. Revising Note to §232.405.
118

The revisions and addition read as follows:

§232.405 Interactive Data File submissions.

This section applies to electronic filers that submit Interactive Data Files. 

Section 229.601(b)(101) of this chapter (Item 601(b)(101) of Regulation S-K), 

paragraph (101) of Part II—Information Not Required to be Delivered to Offerees or 

Purchasers of Form F-10 (§239.40 of this chapter), paragraph 101 of the Instructions 

as to Exhibits of Form 20-F (§249.220f of this chapter), paragraph B.(15) of the 

General Instructions to Form 40-F (§249.240f of this chapter), paragraph C.(6) of the 

General Instructions to Form 6-K (§249.306 of this chapter), and General Instruction 

C.3.(g) of Form N-1A (§§239.15A and 274.11A of this chapter) specify when 

electronic filers are required or permitted to submit an Interactive Data File 

(§232.11), as further described in the note to this section. This section imposes 

content, format and submission requirements for an Interactive Data File, but does not 

change the substantive content requirements for the financial and other disclosures in 

the Related Official Filing (§232.11).

(a) Content, format, and submission requirements-General. * * *

(1) Comply with the content, format, and submission requirements of this 

section;

(2) Be submitted only by an electronic filer either required or permitted to 

submit an Interactive Data File as specified by §229.601(b)(101) of this chapter (Item 

601(b)(101) of Regulation S-K), paragraph (101) of Part II—Information Not 

Required to be Delivered to Offerees or Purchasers of Form F-10 (§239.40 of this 

chapter), paragraph 101 of the Instructions as to Exhibits of Form 20-F (§249.220f of 
119

this chapter), paragraph B.(15) of the General Instructions to Form 40-F (§249.240f 

of this chapter), paragraph C.(6) of the General Instructions to Form 6-K (§249.306 of 

this chapter), or General Instruction C.3.(g) of Form N-1A (§§239.15A and 274.11A 

of this chapter), as applicable;

(3) Be submitted using Inline XBRL:

(i) If the electronic filer is not an open-end management investment company 

registered under the Investment Company Act of 1940 (15 U.S.C. 80a et seq.) and is 

not within one of the categories specified in paragraph (f)(1)(i) of this section, as 

partly embedded into a filing with the remainder simultaneously submitted as an 

exhibit to:

(A) A filing that contains the disclosure this section requires to be tagged; or

(B) An amendment to a filing that contains the disclosure this section requires 

to be tagged if the amendment is filed no more than 30 days after the earlier of the 

due date or filing date of the filing and the Interactive Data File is the first Interactive 

Data File the electronic filer submits; or

(ii) If the electronic filer is an open-end management investment company 

registered under the Investment Company Act of 1940 (15 U.S.C. 80a et seq.) and is 

not within one of the categories specified in paragraph (f)(1)(ii) of this section, as 

partly embedded into a filing with the remainder simultaneously submitted as an 

exhibit to a filing that contains the disclosure this section requires to be tagged; and

(4) Be submitted in accordance with the EDGAR Filer Manual and, as 

applicable, either §229.601(b)(101) of this chapter (Item 601(b)(101) of Regulation 

S-K), paragraph (101) of Part II—Information Not Required to be Delivered to 
120

Offerees or Purchasers of Form F-10 (§239.40 of this chapter), paragraph 101 of the 

Instructions as to Exhibits of Form 20-F (§249.220f of this chapter), paragraph B.(15) 

of the General Instructions to Form 40-F (§249.240f of this chapter), paragraph C.(6) 

of the General Instructions to Form 6-K (§249.306 of this chapter), or General 

Instruction C.3.(g) of Form N-1A (§§239.15A and 274.11A of this chapter).

* * * * *

(d) Format—Footnotes—Generally. The part of the Interactive Data File for 

which the corresponding data in the Related Official Filing consists of footnotes to 

financial statements must comply with the requirements of paragraphs (c)(1) and (2) 

of this section, as modified by this paragraph (d). Footnotes to financial statements 

must be tagged as follows:

* * * * *

(e) Format—Schedules—Generally. The part of the Interactive Data File for 

which the corresponding data in the Related Official Filing consists of financial 

statement schedules as set forth in 17 CFR 210.12-01 through 210.12-29 (Article 12 

of Regulation S-X) must comply with the requirements of paragraphs (c)(1) and (2) 

of this section, as modified by this paragraph (e). Financial statement schedules as set 

forth in 17 CFR 210.12-01 through 210.12-29 (Article 12 of Regulation S-X) must be 

tagged as follows:

* * * * *
121

(f) Format—Phase-in for Inline XBRL submissions. (1) The following 

electronic filers may choose to submit an Interactive Data File: 

(i) In the manner specified in paragraph (f)(2) of this section rather than as 

specified by paragraph (a)(3)(i) of this section: any electronic filer that is not an openend management investment company registered under the Investment Company Act 

of 1940 (15 U.S.C. 80a et seq.) if it is within one of the following categories, 

provided, however, that an Interactive Data File first is required to be submitted in the 

manner specified by paragraph (a)(3)(i) of this section for a periodic report on Form 

10-Q (§249.308a of this chapter) if the filer reports on Form 10-Q:

(A) A large accelerated filer (§240.12b-2 of this chapter) that prepares its 

financial statements in accordance with generally accepted accounting principles as 

used in the United States and none of the financial statements for which an Interactive 

Data File is required is for a fiscal period that ends on or after June 15, 2019;

(B) An accelerated filer (§240.12b-2 of this chapter) that prepares its financial 

statements in accordance with generally accepted accounting principles as used in the 

United States and none of the financial statements for which an Interactive Data File 

is required is for a fiscal period that ends on or after June 15, 2020; and

(C) A filer not specified in paragraph (f)(1)(i)(A) or (B) of this section that 

prepares its financial statements in accordance with either generally accepted 

accounting principles as used in the United States or International Financial 

Reporting Standards as issued by the International Accounting Standards Board and 

none of the financial statements for which an Interactive Data File is required is for a 

fiscal period that ends on or after June 15, 2021.
122

(ii) In the manner specified in paragraph (f)(3) of this section rather than as 

specified by paragraph (a)(3)(ii) of this section: any electronic filer that is an openend management investment company registered under the Investment Company Act 

of 1940 (15 U.S.C. 80a et seq.) that, together with other investment companies in the 

same “group of related investment companies,” as such term is defined in §270.0-10 

of this chapter, has assets of:

(A) $1 billion or more as of the end of the most recent fiscal year until it files 

an initial registration statement (or post-effective amendment that is an annual update 

to an effective registration statement) that becomes effective on or after September

17, 2020; and

(B) Less than $1 billion as of the end of the most recent fiscal year until it 

files an initial registration statement (or post-effective amendment that is an annual 

update to an effective registration statement) that becomes effective on or after 

September 17, 2021.

(2) The electronic filers specified in paragraph (f)(1)(i) of this section may 

submit the Interactive Data File solely as an exhibit to:

(i) A filing that contains the disclosure this section requires to be tagged; or

(ii) An amendment to a filing that contains the disclosure this section requires 

to be tagged if the amendment is filed no more than 30 days after the earlier of the 

due date or filing date of the filing and the Interactive Data File is the first Interactive 

Data File the electronic filer submits.

(3) The electronic filers specified in paragraph (f)(1)(ii) of this section may 

submit the Interactive Data File solely as an exhibit to a filing that contains the 
123

disclosure this section requires to be tagged, up to 15 business days after the effective 

date of the registration statement or post-effective amendment that contains the 

related information, or the filing of a form of prospectus made pursuant to 

§230.497(c) or (e) of this chapter (paragraph (c) or (e) of Rule 497). 

NOTE TO §232.405: Section 229.601(b)(101) of this chapter (Item 

601(b)(101) of Regulation S-K) specifies the circumstances under which an 

Interactive Data File must be submitted and the circumstances under which it is 

permitted to be submitted, with respect to Forms S-1 (§239.11 of this chapter), S-3 

(§239.13 of this chapter), S-4 (§239.25 of this chapter), S-11 (§239.18 of this 

chapter), F-1 (§239.31 of this chapter), F-3 (§239.33 of this chapter), F-4 (§239.34 of 

this chapter), 10-K (§249.310 of this chapter), 10-Q (§249.308a of this chapter), and 

8–K (§249.308 of this chapter). Paragraph (101) of Part II—Information not 

Required to be Delivered to Offerees or Purchasers of Form F-10 (§239.40 of this 

chapter) specifies the circumstances under which an Interactive Data File must be 

submitted and the circumstances under which it is permitted to be submitted, with 

respect to Form F-10. Paragraph 101 of the Instructions as to Exhibits of Form 20-F

(§249.220f of this chapter) specifies the circumstances under which an Interactive 

Data File must be submitted and the circumstances under which it is permitted to be 

submitted, with respect to Form 20-F. Paragraph B.(15) of the General Instructions to 

Form 40-F (§249.240f of this chapter) and Paragraph C.(6) of the General 

Instructions to Form 6-K (§249.306 of this chapter) specify the circumstances under 

which an Interactive Data File must be submitted and the circumstances under which 

it is permitted to be submitted, with respect to Form 40-F and Form 6-K (§249.240f 
124

of this chapter and §249.306 of this chapter), respectively. Section 229.601(b)(101)

(Item 601(b)(101) of Regulation S-K), paragraph (101) of Part II—Information not 

Required to be Delivered to Offerees or Purchasers of Form F-10, paragraph 101 of 

the Instructions as to Exhibits of Form 20-F, paragraph B.(15) of the General 

Instructions to Form 40-F, and paragraph C.(6) of the General Instructions to Form 6-

K all prohibit submission of an Interactive Data File by an issuer that prepares its 

financial statements in accordance with 17 CFR 210.6-01 through 210.6-10 (Article 6 

of Regulation S-X). For an issuer that is an open-end management investment 

company registered under the Investment Company Act of 1940 (15 U.S.C. 80a et 

seq.), General Instruction C.3.(g) of Form N-1A (§§239.15A and 274.11A of this 

chapter) specifies the circumstances under which an Interactive Data File must be 

submitted.

PART 239 – FORMS PRESCRIBED UNDER THE SECURITIES ACT OF 1933

15. The authority citation for part 239 continues to read in part as follows:

Authority: 15 U.S.C. 77c, 77f, 77g, 77h, 77j, 77s, 77z-2, 77z-3, 77sss, 78c, 78l, 78m, 

78n, 78o(d), 78o-7 note, 78u-5, 78w(a),78ll, 78mm, 80a-2(a), 80a-3, 80a-8, 80a-9, 

80a-10, 80a-13, 80a-24, 80a-26, 80a-29, 80a-30, 80a-37; and 107 Pub. L. 112-106, 126 

Stat. 312, unless otherwise noted.

* * * * *

16. Amend §239.13 by revising paragraph (a)(7)(ii) to read as follows:

§239.13 Form S-3, for registration under the Securities Act of 1933 of securities 

of certain issuers offered pursuant to certain types of transactions.

* * * * *

(a) * * *
125

(7) * * *

(ii) Submitted electronically to the Commission all Interactive Data Files required 

to be submitted pursuant to §232.405 of this chapter during the twelve calendar months 

and any portion of a month immediately preceding the filing of the registration statement 

on this Form (or for such shorter period of time that the registrant was required to submit 

such files).

* * * * *

17. Amend Form S-3 (referenced in §239.13) by revising General Instruction 

I.A.7.(b) to read as follows:

Note: The text of Form S-3 does not, and this amendment will not, appear in the 

Code of Federal Regulations.

FORM S-3

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

* * * * *

GENERAL INSTRUCTIONS

I. Eligibility Requirements for Use of Form S-3 

* * * * *

A. * * * 

7. * * *

(b) Submitted electronically to the Commission all Interactive Data Files required 

to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during 

the twelve calendar months and any portion of a month immediately preceding the filing 

of the registration statement on this Form (or for such shorter period of time that the 

registrant was required to submit such files).
126

* * * * *

18. Amend §239.16b by revising paragraph (b)(2) to read as follows:

§239.16b Form S-8, for registration under the Securities Act of 1933 of 

securities to be offered to employees pursuant to employee benefit plans.

* * * * *

(b) * * *

(2) Submitted electronically to the Commission all Interactive Data Files required 

to be submitted pursuant to §232.405 of this chapter during the twelve calendar months 

and any portion of a month immediately preceding the filing of the registration statement 

on this Form (or for such shorter period of time that the registrant was required to submit 

such files). 

19. Amend Form S-8 (referenced in §239.16b) by revising General Instruction 

A.3.(b) to read as follows:

Note: The text of Form S-8 does not, and this amendment will not, appear in the 

Code of Federal Regulations.

FORM S-8

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

* * * * *

GENERAL INSTRUCTIONS

A. Rule as to Use of Form S-8 

* * * * *

3. * * * 

(b) Submitted electronically to the Commission all Interactive Data Files required 

to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during 
127

the twelve calendar months and any portion of a month immediately preceding the filing 

of the registration statement on this Form (or for such shorter period of time that the 

registrant was required to submit such files).

* * * * *

20. Amend §239.33 by revising paragraph (a)(6)(ii) to read as follows:

§239.33 Form F-3, for registration under the Securities Act of 1933 of securities 

of certain foreign private issuers offered pursuant to certain types of 

transactions.

* * * * *

(a) * * *

(6) * * *

(ii) Submitted electronically to the Commission all Interactive Data Files required 

to be submitted pursuant to §232.405 of this chapter during the twelve calendar months 

and any portion of a month immediately preceding the filing of the registration statement 

on this Form (or for such shorter period of time that the registrant was required to submit 

such files).

* * * * *

21. Amend Form F-3 (referenced in §239.33) by revising General Instruction 

I.A.6.(ii) to read as follows:

Note: The text of Form F-3 does not, and this amendment will not, appear in the 

Code of Federal Regulations.

FORM F-3

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

* * * * *

GENERAL INSTRUCTIONS
128

I. Eligibility Requirements for Use of Form F-3

* * * * *

A. Registrant Requirements

* * * * *

6. Electronic filings. * * * 

* * * * *

(ii) Submitted electronically to the Commission all Interactive Data Files required 

to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during 

the twelve calendar months and any portion of a month immediately preceding the filing 

of the registration statement on this Form (or for such shorter period of time that the 

registrant was required to submit such files).

* * * * *

22. Amend Form F-10 (referenced in §239.40) by revising paragraph (101) of Part II 

– Information Not Required to be Delivered to Offerees or Purchasers to read as follows: 

Note: The text of Form F-10 does not, and this amendment will not, appear in the 

Code of Federal Regulations.

FORM F-10

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

* * * * *

PART II – INFORMATION NOT REQUIRED TO BE DELIVERED TO 

OFFEREES OR PURCHASERS

* * * * *

(101) Where a registrant prepares its financial statements in accordance with 

either generally accepted accounting principles as used in the United States or 
129

International Financial Reporting Standards as issued by the International Accounting 

Standards Board, an Interactive Data File (§232.11 of this chapter) is:

(a) Required to be submitted. Required to be submitted to the Commission in the 

manner provided by Rule 405 of Regulation S-T (§232.405 of this chapter) if the 

registrant does not prepare its financial statements in accordance with Article 6 of 

Regulation S-X (17 CFR 210.6-01 et seq.), except that an Interactive Data File:

(i) First is required for a periodic report on Form 10-Q (§249.308a of this 

chapter), Form 20-F (§249.220f of this chapter), or Form 40-F (§249.240f of this 

chapter), as applicable; and

(ii) Is required for a registration statement under the Securities Act only if the 

registration statement contains a price or price range.

(b) Permitted to be submitted. Permitted to be submitted to the Commission in the 

manner provided by Rule 405 of Regulation S-T (§232.405 of this chapter) if the:

(i) Registrant does not prepare its financial statements in accordance with Article 

6 of Regulation S-X (17 CFR 210.6-01 et seq.); and

(ii) Interactive Data File is not required to be submitted to the Commission under 

subparagraph (a) of this paragraph (101).

(c) Not permitted to be submitted. Not permitted to be submitted to the 

Commission if the registrant prepares its financial statements in accordance with Article 

6 of Regulation S-X (17 CFR 210.6-01 et seq.).

Instruction to paragraphs (101)(a) and (b): When an Interactive Data File is 

submitted as provided by Rule 405(a)(3)(i) of Regulation S-T (§232.405(a)(3)(i) of this 
130

chapter), the exhibit index must include the word “Inline” within the title description for 

any eXtensible Business Reporting Language (XBRL)-related exhibit.

* * * * *

PART 240—GENERAL RULES AND REGULATIONS, SECURITIES 

EXCHANGE ACT OF 1934

23. The authority citation for part 240 continues to read in part as follows:

AUTHORITY: 15 U.S.C. 77c, 77d, 77g, 77j, 77s, 77z-2, 77z-3, 77eee, 77ggg, 77nnn, 77sss, 

77ttt, 78c, 78c-3, 78c-5, 78d, 78e, 78f, 78g, 78i, 78j, 78j-1, 78k, 78k-1, 78l, 78m, 78n, 

78n-1, 78o, 78o-4, 78o-10, 78p, 78q, 78q-1, 78s, 78u-5, 78w, 78x, 78ll, 78mm, 80a-20, 

80a-23, 80a-29, 80a-37, 80b-3, 80b-4, 80b-11, 7201 et seq.; and 8302; 7 U.S.C. 

2(c)(2)(E); 12 U.S.C. 5221(e)(3); 18 U.S.C. 1350; and Pub. L. 111-203, 939A, 124 Stat. 

1887 (2010); and secs. 503 and 602, Pub. L. 112-106, 126 Stat. 326 (2012), unless 

otherwise noted.

* * * * *

24. Amend §240.13a-14 by revising paragraph (f) to read as follows:

§240.13a-14 Certification of disclosure in annual and quarterly reports.

* * * * *

(f) The certification requirements of this section do not apply to an Interactive 

Data File, as defined in §232.11 of this chapter (Rule 11 of Regulation S-T).

25. Amend §240.15d-14 by revising paragraph (f) to read as follows:

§240.15d-14 Certification of disclosure in annual and quarterly reports.

* * * * *

(f) The certification requirements of this section do not apply to an Interactive 

Data File, as defined in §232.11 of this chapter (Rule 11 of Regulation S-T).
131

PART 249 – FORMS, SECURITIES EXCHANGE ACT OF 1934

26. The authority citation for part 249 continues to read in part as follows:

Authority: 15 U.S.C. 78a et seq. and 7201 et seq.; 12 U.S.C. 5461 et seq.; 18 U.S.C. 

1350; Sec. 953(b), Pub. L. 111-203, 124 Stat. 1904; Sec. 102(a)(3), Pub. L. 112-106, 126 

Stat. 309 (2012); Sec. 107, Pub. L. 112-106, 126 Stat. 313 (2012), and Sec. 72001, Pub. 

L. 114-94, 129 Stat. 1312 (2015), unless otherwise noted.

* * * * *

27. Amend Form 20-F (referenced in §249.220f) by:

a. Revising the undesignated paragraph on the cover that begins “Indicate by 

check mark whether the registrant has submitted electronically”; 

b. Removing and reserving paragraph 100 of the Instructions as to Exhibits; 

and

c. Revising paragraph 101 of the Instructions as to Exhibits.

The revisions read as follows:

Note: The text of Form 20-F does not, and this amendment will not, appear in the 

Code of Federal Regulations.

FORM 20-F

□ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF 

THE SECURITIES EXCHANGE ACT OF 1934

OR

□ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE 

SECURITIES EXCHANGE ACT OF 1934

* * * * *

Indicate by check mark whether the registrant has submitted electronically every 

Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T
132

(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that 

the registrant was required to submit such files).

* * * * *

INSTRUCTIONS AS TO EXHIBITS

* * * * *

100. [Reserved]

101. Interactive Data File. Where a registrant prepares its financial statements in 

accordance with either generally accepted accounting principles as used in the United 

States or International Financial Reporting Standards as issued by the International 

Accounting Standards Board, an Interactive Data File (§232.11 of this chapter) is:

(a) Required to be submitted. Required to be submitted to the Commission in the 

manner provided by Rule 405 of Regulation S-T (§232.405 of this chapter) if the Form 

20-F is an annual report and the registrant does not prepare its financial statements in 

accordance with Article 6 of Regulation S-X (17 CFR 210.6-01 et seq.).

(b) Permitted to be submitted. Permitted to be submitted to the Commission in the 

manner provided by Rule 405 of Regulation S-T (§232.405 of this chapter) if the: 

(i) Registrant does not prepare its financial statements in accordance with Article 

6 of Regulation S-X (17 CFR 210.6-01 et seq.); and

(ii) Interactive Data File is not required to be submitted to the Commission under 

subparagraph (a) of this paragraph 101.

(c) Not permitted to be submitted. Not permitted to be submitted to the 

Commission if the registrant prepares its financial statements in accordance with Article 

6 of Regulation S-X (17 CFR 210.6-01 et seq.).
133

Instruction to paragraphs 101.(a) and (b): When an Interactive Data File is 

submitted as provided by Rule 405(a)(3)(i) of Regulation S-T (§232.405(a)(3)(i) of this 

chapter), the exhibit index must include the word “Inline” within the title description for 

any eXtensible Business Reporting Language (XBRL)-related exhibit.

28. Amend Form 40-F (referenced in §249.240f) by:

a. Revising the undesignated paragraph on the cover that begins “Indicate by 

check mark whether the registrant has submitted electronically”; and

b. Revising paragraph B.(15) of the General Instructions.

The revisions read as follows: 

Note: The text of Form 40-F does not, and this amendment will not, appear in the 

Code of Federal Regulations.

FORM 40-F

□ REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE 

SECURITIES EXCHANGE ACT OF 1934

OR

□ ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE 

SECURITIES EXCHANGE ACT OF 1934

* * * * *

Indicate by check mark whether the registrant has submitted electronically every 

Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T

(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that 

the registrant was required to submit such files).

* * * * *

GENERAL INSTRUCTIONS

* * * * *
134

B. Information To Be Filed on this Form

* * * * *

(15) Where a registrant prepares its financial statements in accordance with either 

generally accepted accounting principles as used in the United States or International 

Financial Reporting Standards as issued by the International Accounting Standards 

Board, an Interactive Data File (§232.11 of this chapter) is:

(a) Required to be submitted. Required to be submitted to the Commission in the 

manner provided by Rule 405 of Regulation S-T (§232.405 of this chapter) and, to the 

extent submitted as an exhibit, listed as exhibit 101, if the Form 40-F is an annual report 

and the registrant does not prepare its financial statements in accordance with Article 6 of 

Regulation S-X (17 CFR 210.6-01 et seq.).

(b) Permitted to be submitted. Permitted to be submitted to the Commission in the 

manner provided by Rule 405 of Regulation S-T (§232.405 of this chapter) if the:

(i) Registrant does not prepare its financial statements in accordance with Article 

6 of Regulation S-X (17 CFR 210.6-01 et seq.); and

(ii) Interactive Data File is not required to be submitted to the Commission under 

subparagraph (a) of this paragraph B.(15).

(c) Not permitted to be submitted. Not permitted to be submitted to the 

Commission if the registrant prepares its financial statements in accordance with Article 

6 of Regulation S-X (17 CFR 210.6-01 et seq.).

Instruction to paragraphs B.(15)(a) and (b): When an Interactive Data File is 

submitted as provided by Rule 405(a)(3)(i) of Regulation S-T (§232.405(a)(3)(i) of this 
135

chapter), the exhibit index must include the word “Inline” within the title description for 

any eXtensible Business Reporting Language (XBRL)-related exhibit.

* * * * *

29. Amend Form 6-K (referenced in §249.306) by:

a. Removing and reserving paragraph (5) to General Instruction C; and

b. Revising paragraph (6) to General Instruction C.

The revisions read as follows:

Note: The text of Form 6-K does not, and this amendment will not, appear in the 

Code of Federal Regulations.

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 

15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934

* * * * *

GENERAL INSTRUCTIONS

* * * * *

C. Preparation and Filing of Report.

* * * * *

(5) [Reserved]

(6) Interactive Data File. Where a registrant prepares its financial statements in 

accordance with either generally accepted accounting principles as used in the United 

States or International Financial Reporting Standards as issued by the International 

Accounting Standards Board, an Interactive Data File (§232.11 of this chapter) is:

(a) Required to be submitted. Required to be submitted to the Commission in the 

manner provided by Rule 405 of Regulation S-T (§232.405 of this chapter) and, to the 
136

extent submitted as an exhibit, listed as exhibit 101, if the registrant does not prepare its 

financial statements in accordance with Article 6 of Regulation S-X (17 CFR 210.6-01 et 

seq.), except that an Interactive Data File:

(i) First is required for a periodic report on Form 10-Q (§249.308a of this 

chapter), Form 20-F (§249.220f of this chapter), or Form 40-F (§249.240f of this 

chapter), as applicable; and 

(ii) Is required for a Form 6-K (§249.306 of this chapter) only when the Form 6-K

contains either of the following: audited annual financial statements that are a revised 

version of financial statements that previously were filed with the Commission and that 

have been revised pursuant to applicable accounting standards to reflect the effects of 

certain subsequent events, including a discontinued operation, a change in reportable 

segments or a change in accounting principle; or current interim financial statements 

included pursuant to the nine-month updating requirement of Item 8.A.5 of Form 20-F. 

In either such case, the Interactive Data File will be required only as to such revised 

financial statements or current interim financial statements regardless of whether the 

Form 6-K contains other financial statements.

(b) Permitted to be submitted. Permitted to be submitted to the Commission in the 

manner provided by Rule 405 of Regulation S-T (§232.405 of this chapter) if the:

(i) Registrant does not prepare its financial statements in accordance with Article 

6 of Regulation S-X (17 CFR 210.6-01 et seq.); and

(ii) Interactive Data File is not required to be submitted to the Commission under 

subparagraph (a) of this paragraph C.(6).
137

(c) Not permitted to be submitted. Not permitted to be submitted to the 

Commission if the registrant prepares its financial statements in accordance with Article 

6 of Regulation S-X (17 CFR 210.6-01 et seq.).

Instruction to paragraphs C.(6)(a) and (b): When an Interactive Data File is 

submitted as provided by Rule 405(a)(3)(i) of Regulation S-T (§232.405(a)(3)(i) of this 

chapter), the exhibit index must include the word “Inline” within the title description for 

any eXtensible Business Reporting Language (XBRL)-related exhibit.

* * * * *

30. Amend Form 10-Q (referenced in §249.308a) by revising the undesignated 

paragraph on the cover that begins “Indicate by check mark whether the registrant has 

submitted electronically” to read as follows:

Note: The text of Form 10-Q does not, and this amendment will not, appear in the 

Code of Federal Regulations.

FORM 10-Q

* * * * *

□ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF 

THE SECURITIES EXCHANGE ACT OF 1934

* * * * *

□ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE 

SECURITIES EXCHANGE ACT OF 1934

* * * * *

Indicate by check mark whether the registrant has submitted electronically every 

Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T

(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that 

the registrant was required to submit such files).
138

* * * * *

31. Amend Form 10-K (referenced in §249.310) by revising the undesignated 

paragraph on the cover that begins “Indicate by check mark whether the registrant has 

submitted electronically” to read as follows:

Note: The text of Form 10-K does not, and this amendment will not, appear in the 

Code of Federal Regulations.

FORM 10-K

* * * * *

□ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE 

SECURITIES EXCHANGE ACT OF 1934

* * * * *

□ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE 

SECURITIES EXCHANGE ACT OF 1934

* * * * *

Indicate by check mark whether the registrant has submitted electronically every 

Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 

232.405 of this chapter) during the preceding 12 months (or for such shorter period that 

the registrant was required to submit such files).

* * * * *

PART 270 – RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 

1940

32. The authority citation for part 270 continues to read in part as follows:

Authority: 15 U.S.C. 80a-1 et seq., 80a-34(d), 80a-37, 80a-39, and Pub. L. 111-203, 

sec. 939A, 124 Stat. 1376 (2010), unless otherwise noted.

* * * * *
139

33. Revise §270.8b-1 to read as follows:

§270.8b-1 Scope of §§270.8b-1 through 270.8b-32.

The rules contained in §§270.8b-1 through 270.8b-32 shall govern all registration 

statements pursuant to section 8 of the Act (15 U.S.C. 80a-8), including notifications of 

registration pursuant to section 8(a), and all reports pursuant to section 30(a) or (b) of the 

Act (15 U.S.C. 80a-29(a) or (b)), including all amendments to such statements and 

reports, except that any provision in a form covering the same subject matter as any such 

rule shall be controlling.

34. Amend §270.8b-2 by revising the introductory text to read as follows:

§270.8b-2 Definitions.

Unless the context otherwise requires, the terms in paragraphs (a) through (m) of 

this section, when used in the rules contained in §§270.8b-1 through 270.8b-32, in the 

rules under section 30(a) or (b) of the Act or in the forms for registration statements and 

reports pursuant to section 8 or 30(a) or (b) of the Act, shall have the respective meanings 

indicated in this section. The terms “EDGAR,” “EDGAR Filer Manual,” “electronic 

filer,” “electronic filing,” “electronic format,” “electronic submission,” “paper format,”

and “signature” shall have the meanings assigned to such terms in part 232 of this chapter

(Regulation S-T—General Rules for Electronic Filings).

* * * * *

§270.8b-33 [Removed]

35. Remove §270.8b-33.

§270.30a-2 [Amended]

36. Amend §270.30a-2 by removing paragraph (d).
140

PART 274 – FORMS PRESCRIBED UNDER THE INVESTMENT COMPANY 

ACT OF 1940

37. The authority citation for part 274 continues to read in part as follows:

Authority: 15 U.S.C. 77f, 77g, 77h, 77j, 77s, 78c(b),78l, 78m, 78n, 78o(d), 80a-8, 80a24, 80a-26, 80a-29, and Pub. L. 111-203, sec. 939A, 124 Stat. 1376 (2010), unless 

otherwise noted.

* * * * *

38. Amend Form N-1A (referenced in §§239.15A and 274.11A) by revising General 

Instructions B.4.(b) and C.3.(g) to read as follows:

Note: The text of Form N-1A does not, and this amendment will not, appear in the 

Code of Federal Regulations.

FORM N-1A

* * * * *

□ REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

* * * * *

□ REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY 

ACT OF 1940

* * * * *

GENERAL INSTRUCTIONS

* * * * *

B. * * *

4. * * *
141

(b) For registration statements and amendments filed only under the Investment 

Company Act, the general provisions in rules 8b-1 – 8b-32 [17 CFR 270.8b-1 – 270.8b32] apply to the filing of Form N-1A.

* * * * *

C. * * *

3. * * *

(g) Interactive Data File

(i) An Interactive Data File (§232.11 of this chapter) is required to be submitted to 

the Commission in the manner provided by rule 405 of Regulation S-T (§232.405 of this 

chapter) for any registration statement or post-effective amendment thereto on Form N1A that includes or amends information provided in response to Items 2, 3, or 4.

(A) Except as required by paragraph (g)(i)(B), the Interactive Data File must 

be submitted as an amendment to the registration statement to which the Interactive Data 

File relates. The amendment must be submitted on or before the date the registration 

statement or post-effective amendment that contains the related information becomes 

effective.

(B) In the case of a post-effective amendment to a registration statement filed 

pursuant to paragraphs (b)(1)(i), (ii), (v), or (vii) of rule 485 under the Securities Act [17 

CFR 230.485(b)], the Interactive Data File must be submitted either with the filing, or as 

an amendment to the registration statement to which the Interactive Data Filing relates 

that is submitted on or before the date the post-effective amendment that contains the 

related information becomes effective.
142

(ii) An Interactive Data File is required to be submitted to the Commission in the 

manner provided by rule 405 of Regulation S-T for any form of prospectus filed pursuant 

to paragraphs (c) or (e) of rule 497 under the Securities Act [17 CFR 230.497(c) or (e)] 

that includes information provided in response to Items 2, 3, or 4 that varies from the 

registration statement. The Interactive Data File must be submitted with the filing made 

pursuant to rule 497.

(iii) The Interactive Data File must be submitted in accordance with the 

specifications in the EDGAR Filer Manual, and in such a manner that will permit the 

information for each Series and, for any information that does not relate to all of the 

Classes in a filing, each Class of the Fund to be separately identified.

* * * * *

By the Commission.

Date: June 28, 2018.

Brent J. Fields,

Secretary.