DataTracks, a global leader in the disclosure management and regulatory compliance reporting software and services, has upgraded its system last week to support amendments under FAST Act as per the latest version of EDGAR Filer Manual (EFM).
On the 20th March 2019, the U.S. Securities and Exchange Commission (SEC) adopted amendments to modernize and simplify specific disclosure requirements in Regulation S-K and the related rules and forms, as mandated by the “FAST Act”. Changes include the need for the registrants to disclose as part of their cover page and tag additional mandatory information like the national exchange or principal U.S. market for their securities, the trading symbol, and the title for each class of securities in Inline XBRL for forms 10-K, 10-Q, 8-K, 20-F and 40-F.
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Regarding the cover page tagging requirement, SEC updated EFM on the 10th June 2019 with information that includes the mandatory cover page elements and the corresponding Inline XBRL transformation rules. With these changes, filers will be able to tag facts on the cover page that will improve readability and navigability of the documents submitted.
DataTracks has updated its Rainbow Disclosure Management System (DMS) that allows the filers to stay fully compliant with new EFM rules by facilitating quick and efficient tagging of the cover page facts on all XBRL related documents including 8-K. Rainbow also allows tagging of parenthetical information in the document (instead of capturing as parts of the hidden section) which will facilitate better review by the users.
“We are excited to be part of SEC’s FAST Act modernization and simplification of certain disclosure requirements that provides all material information to investors for their review. To that end, we have upgraded our Rainbow DMS that facilitates filers to seamlessly comply with latest EFM rules without a change to the existing interface,” affirmed Pramodh Vittal, Vice President of Opportunities and Product Design at DataTracks.
“With over a decade of experience in the XBRL and Inline XBRL serving multiple regulations around the world, our goal is to provide the platform that lets business users focus on the contents to be tagged without worrying about the technical aspects of XBRL,” added Balaji Muthukrishnan, Senior Vice President of Operations at DataTracks.