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Monday, August 20, 2007|
SEC's Expanded XBRL Voluntary Program Kicks Off
Today is the first day of the SEC's expanded voluntary electronic filing program. To mark the occasion, Kirk Botula, COO of Confluence, a firm that specializes in data-tagging software, issued a statement urging all fund companies to participate in the voluntary program. Confluence’s Quick Tag program allows companies to participate in the SEC's program.
Confluence’s Chief Operating Officer Kirk Botula issued the following statement today.
“This is the first day of the SEC’s voluntary electronic filing program, where mutual funds can begin to submit XBRL-tagged risk/return summary information from their prospectuses. This program is an important first step in helping fund companies improve efficiency, as well as customer service, by automating the reporting process. In addition, this is an important milestone for service providers, who will need to demonstrate their expanded capabilities as a market differentiator. Ultimately, this program will benefit financial advisors and investors by providing faster and easier access to important data on funds’ risks, costs, and past performance.”
“In the investment management industry, the move toward automation of data management processes, such as risk/return reporting, is very much under way. Investment management firms are under unprecedented pressure to meet the demands of investors and regulators for more frequent and complex delivery of information. Confluence is encouraging all fund companies to participate in the SEC’s program as part of their movement toward streamlining all data management processes.”
The following are among the companies prepared to use Confluence’s Quick Tag™ as part of their filings today:
* Capital Research and Management Company.
* U.S. Bancorp Fund Services, LLC.
* Kirkpatrick & Lockhart Preston Gates Ellis LLP.
Founded in 1991, Confluence is the global investment management industry’s leading provider of automated data management solutions. Confluence helps investment management companies automate every step of the fund administration process—including collection, creation, confirmation, and delivery of investment product data. Results are lower costs, reduced risk, decreased reporting turnaround times, and the scalability to automate more processes without additional resources. Confluence’s solutions are used by 40 percent of the leading global investment managers, more than 60 percent of U.S. mutual funds, and the leading service providers. Confluence’s solutions address a wide range of problems from performance measurement to customized reporting for a full array of domestic and international managed investment products, including mutual funds, funds of funds, collective funds, trusts, separate accounts, and variable products, as well as hedge funds and other alternative investments. Major fund companies such as Evergreen, Franklin Templeton, Merrill Lynch, and JP Morgan, and service providers like PFPC and The Bank of New York all rely on Confluence. Confluence also serves the international fund industry with key locations in London and Luxembourg. For more information, visit www.confluence.com.
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