DataTracks develops iXBRL capability in its DataTracks Rainbow DMS for Mutual Funds.
DataTracks, a global leader in providing cloud-based software and services for preparing compliance reports, announces the addition of iXBRL capability in its Rainbow DMS for Mutual Funds. The Singapore-based company made this announcement after a successful test submission for mutual fund iXBRL Risk/Return summary with the SEC, using its software DataTracks Rainbow DMS.
Introducing DataTracks Rainbow DMS for Mutual Funds for iXBRL Filing with SEC:
On September 17, 2018, the Securities Exchange Commission (SEC) adopted an amendment (rule 33-10514) that became effective, necessitating the use of Inline eXtensible Business Reporting Language (iXBRL) for Risk/Return summary filing of open-end mutual funds (including Exchange-Traded Funds – ETFs – organized as open-end mutual funds). This amendment will be implemented in two phases, in which large fund groups (net assets of $1 billion or more, as of the end of the most recent fiscal year) will adopt iXBRL from September 17, 2020. Small fund groups (net assets of less than $1 billion as of the end of the most recent fiscal year) will adopt iXBRL from September 17, 2021. SEC also eliminated the 15 business days filing period for submitting the interactive data files as part of the amendment. SEC has already enabled a test and live filing for iXBRL Risk/ Return summary and filers can use it.
Unlike corporates, the critical challenge for mutual funds lies in their prospectus, that runs into hundreds of pages. They need robust software to tag Risk/Return summary and generate Inline XBRL. DataTracks Rainbow DMS for Mutal Funds accepts inputs in Word or HTML or XHTML and allows users to collaborate and make content/formatting changes using its content editor. Users can also draft the contents directly in the software. The software also enables multiple users to complete the XBRL tagging concurrently without creating the XBRL presentation tree.
“We wanted to build the iXBRL capability for Mutual Funds much ahead of the actual mandate to provide our customers sufficient time to prepare for iXBRL. We welcome Fund companies or intermediaries to do a pilot with us on iXBRL generation for their Risk/Return summary information”, stated Mr. Pramodh Vittal, Vice President for Opportunities and Product Design. “Thanks to our modular software architecture, we were able to come up with a superior solution that handles large volume of pages for iXBRL without compromising on the performance and user experience”.
DataTracks is a global leader in disclosure management software. DataTracks serves more than 17,000 business enterprises in 24 countries. DataTracks software and services have been used to prepare more than 172,000 compliance reports so far for filing with regulators such as SEC – USA, HMRC – UK, Revenue – Ireland, ACRA – Singapore, MCA – India, CIPC – South Africa, SSM – Malaysia, ESEF – ESMA and various other EU regulatory authorities.
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