Open Data

SEC's open data rule could come before end of Obama administration

Shutterstock image.

Open data advocates have long sought a rule change to require the use of machine-readable data in filings with the Securities and Exchange Commission. In a new letter to senators on the banking committee, SEC Chairwoman Mary Jo White announced the possibility of doing just that.

White's Dec. 12 letter to Sens. Richard Shelby (R-Ala.) and Mike Crapo (R-Idaho), respectively the chairs of the Senate Banking Committee and the Banking Subcommittee on Securities, Insurance and Investment, came in response to a call for the SEC to cease promulgating new regulations in the wake of the election of Republican Donald Trump.

The SEC chairwoman said the commission "remains focused on advancing a number of important rules and initiatives to fulfill its mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation."

One of those rules that could make it through before the end of White's tenure at SEC is a proposal to require the use of inline XBRL in the submission of financial data in certain filings. Inline XBRL is embedded directly into web documents. It lends itself to the automated analysis of financial information. And, as a technical matter, inline XBRL filings are less likely to contain errors than XBRL filings that are created and tagged from documents, something the SEC documented in the June 2016 order permitting companies to file annual and quarterly financial statements as inline XBRL on a voluntary basis.

The move to machine-readable data is not universally supported. The House of Representatives passed a bill last February that includes removing any XBRL filing requirements for companies with annual revenues of under $250 million.

Backers of open financial data hailed the possibility of a new rule.

"The proposal of a mandatory inline XBRL rule would be a huge step forward for open, structured data at the SEC," said Christian Hoehner, policy director at the Data Coalition, a group that advocates for open data standards in government, in a note to members. "Universal inline filing will allow the agency to easily add more tags and structure to the filings -- rather than having to create separate exhibits to the document-based forms each time a new structured data requirement begins."

About the Author

Adam Mazmanian is executive editor of FCW.

Before joining the editing team, Mazmanian was an FCW staff writer covering Congress, government-wide technology policy, health IT and the Department of Veterans Affairs. Prior to joining FCW, Mr. Mazmanian was technology correspondent for National Journal and served in a variety of editorial at B2B news service SmartBrief. Mazmanian started his career as an arts reporter and critic, and has contributed reviews and articles to the Washington Post, the Washington City Paper, Newsday, Architect magazine, and other publications. He was an editorial assistant and staff writer at the now-defunct New York Press and arts editor at the online network in the 1990s, and was a weekly contributor of music and film reviews to the Washington Times from 2007 to 2014.

Click here for previous articles by Mazmanian. Connect with him on Twitter at @thisismaz.

The Fed 100

Save the date for 28th annual Federal 100 Awards Gala.


  • computer network

    How Einstein changes the way government does business

    The Department of Commerce is revising its confidentiality agreement for statistical data survey respondents to reflect the fact that the Department of Homeland Security could see some of that data if it is captured by the Einstein system.

  • Defense Secretary Jim Mattis. Army photo by Monica King. Jan. 26, 2017.

    Mattis mulls consolidation in IT, cyber

    In a Feb. 17 memo, Defense Secretary Jim Mattis told senior leadership to establish teams to look for duplication across the armed services in business operations, including in IT and cybersecurity.

  • Image from

    DHS vague on rules for election aid, say states

    State election officials had more questions than answers after a Department of Homeland Security presentation on the designation of election systems as critical U.S. infrastructure.

  • Org Chart Stock Art - Shutterstock

    How the hiring freeze targets millennials

    The government desperately needs younger talent to replace an aging workforce, and experts say that a freeze on hiring doesn't help.

  • Shutterstock image: healthcare digital interface.

    VA moves ahead with homegrown scheduling IT

    The Department of Veterans Affairs will test an internally developed scheduling module at primary care sites nationwide to see if it's ready to service the entire agency.

  • Shutterstock images (honglouwawa & 0beron): Bitcoin image overlay replaced with a dollar sign on a hardware circuit.

    MGT Act poised for a comeback

    After missing in the last Congress, drafters of a bill to encourage cloud adoption are looking for a new plan.

Reader comments

Please post your comments here. Comments are moderated, so they may not appear immediately after submitting. We will not post comments that we consider abusive or off-topic.

Please type the letters/numbers you see above

More from 1105 Public Sector Media Group