Starting in 2011, mutual funds will be required to provide the risk/return summary sections of their prospectuses to the Commission and on their web sites in eXtensible Business Reporting Language ("XBRL") format. In particular, the rules require all mutual funds to submit interactive data (computer readable tagged) versions as exhibits to registration statements and as exhibits to prospectuses with risk/return summary information that varies from the registration statement.
The Commission adopted these XBRL disclosure rules in February of 2009, following the adoption of the short form prospectus, but delayed the compliance by a year date to allow funds to update their systems and processes. Now, with 2011 just around the corner, funds are poised to file the new exhibits to comply with the new disclosure mandate. The computer readable XBRL exhibits are intended not only to make risk/return summary information easier for investors to analyze but also to assist in automating regulatory filings and business information processing. According to the Commission, interactive data has the potential to increase the speed, accuracy, and usability of mutual fund disclosure, and eventually reduce costs.
The full text of the Commission's adopting release is available at: http://sec.gov/rules/final/2009/33-9006.pdf