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        <h1 class="landing"> Structured Disclosure at the SEC: History and Rulemaking </h1>
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                <div class="field_center_2_box"><p>Accessible and usable disclosures are central to the SEC's mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation. The Office of Structured Disclosure supports the Commission’s efforts to make required disclosures accessible and usable by structuring disclosures using a variety of standardized languages and frameworks. Many disclosures required by the SEC have leveraged the standardized language eXtensible Markup Language (XML) to structure data filed with the Commission. For example, Form N-MFP, the monthly schedule of portfolio holdings of money market funds, and Form 13F, a reporting form filed by institutional investment managers, are structured using XML. Form D, which is used to file a notice of an exempt offering of securities, and Forms 3, 4, and 5, related to beneficial ownership of securities, are filed via a web form, and XML is generated and made available upon submission.</p>

<p>The Commission has also utilized eXtensible Business Reporting Language (XBRL) to structure data. In 2005, the Commission established a voluntary XBRL filing program for corporate financial statements. Then, in 2007, the voluntary program was expanded to permit mutual funds to submit their risk/return summary information as XBRL exhibits. These voluntary programs for operating companies and mutual funds were ultimately made mandatory in 2009. Additionally, the SEC adopted rules in 2009 requiring Nationally Recognized Statistical Rating Organizations (NRSROs) to provide certain credit rating histories in XBRL on their websites. Those rules were later amended in 2014.</p>

<p>In 2018, the Commission adopted rules requiring operating company financial information and mutual fund risk/return summary information to be submitted in the Inline XBRL format, a specification of XBRL that is both human-readable and machine-readable, on a phased-in basis. In 2019, the Commission required the cover pages of certain operating company filings to be tagged in Inline XBRL. In 2020, the Commission adopted rules that added Inline XBRL requirements (with varying compliance periods) for certain disclosures submitted by registered variable annuity and life insurance separate accounts, registered closed-end funds, and business development companies.</p>

<p>The Commission has also explored the use of other frameworks to structure required disclosures. For example, in 2015 the Commission proposed rules that would require that security-based swap data repositories (SDRs) make security-based swap (SBS) data available to the Commission using the international industry standards Financial products Markup Language (FpML) and Financial Information eXchange Markup Language (FIXML).</p>

<p>In recent rulemaking efforts, the Commission has adopted amendments to modernize filing fee disclosure and payment methods, which allow for more efficient future transactions. The amendments are intended to decrease the possibility of manual error by enhancing the digital process, namely adding new options for Automated Clearing House (ACH) and eliminating options for paper checks and money orders. The amendments became effective on Jan. 31, 2022.</p>

<p>For future initiatives, the Commission will continue to consider how the accessibility and usability of required disclosure can be enhanced through the use of standardized languages and frameworks.</p>

<p><strong>Examples of Final Rules:</strong></p>

<div id="accordion-rules">
<h3>2024</h3>

<div>
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	<li>Disclosure of Order Execution Information (Adopted March 2024)</li>
	<li>The Enhancement and Standardization of Climate-Related Disclosures for Investors (Adopted March 2024)</li>
	<li>Special Purpose Acquisition Companies, Shell Companies, and Projections (Adopted January 2024)</li>
</ul>
</div>

<h3>2023</h3>

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	<li>Security-Based Swap Execution and Registration and Regulation of Security-Based Swap Execution Facilities (Adopted November 2023)</li>
	<li>Short Position and Short Activity Reporting by Institutional Investment Managers (Adopted October 2023)</li>
	<li>Modernization of Beneficial Ownership Reporting (Adopted October 2023)</li>
	<li>Investment Company Names (Adopted September 2023)</li>
	<li>Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure (Adopted July 2023)</li>
	<li>Shortening the Securities Transaction Settlement Cycle (Adopted February 2023)</li>
</ul>
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<h3>2022</h3>

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	<li>Insider Trading Arrangements and Related Disclosures (Adopted December 2022)</li>
	<li>Enhanced Reporting of Proxy Votes by Registered Management Investment Companies (Adopted November 2022)</li>
	<li>Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements (Adopted October 2022)</li>
	<li>Listing Standards for Recovery of Erroneously Awarded Compensation (Adopted October 2022)</li>
	<li>Pay Versus Performance (Adopted August 2022)</li>
	<li>Updating EDGAR Filing Requirements and Form 144 Filings (Adopted June 2022)</li>
</ul>
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<h3>2021</h3>

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	<li>Holding Foreign Companies Accountable Act Disclosure (Adopted December 2021)</li>
	<li>Filing Fee Disclosure and Payment Methods Modernization (Adopted October 2021)</li>
</ul>
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<h3>2020</h3>

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	<li>Securities Offering Reform for Closed-End Investment Companies (Adopted April 2020)</li>
	<li>Updated Disclosure Requirements and Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts (Adopted March 2020)</li>
	<li>Accelerated Filer and Large Accelerated Filer Definitions (Adopted March 2020)</li>
</ul>
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<h3>2019</h3>

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	<li>FAST Act Modernization and Simplification of Regulation S-K (Adopted March 2019)</li>
</ul>
</div>

<h3>2018</h3>

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	<li>Transaction Fee Pilot for NMS Stocks (Adopted December 2018)</li>
	<li>Disclosure of Order Handling Information (Adopted November 2018)</li>
	<li>Regulation of NMS Stock Alternative Trading Systems (Adopted July 2018)</li>
	<li>Inline XBRL Filing of Tagged Data (Adopted June 2018)</li>
</ul>
</div>

<h3>2017</h3>

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	<li>Investment Company Reporting Modernization (Adopted October 2016 and December 2017)</li>
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              <p class="modified-date"><em>Modified: April 5, 2024</em>
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