New IDEA to Replace EDGAR: SEC Hopes for Faster, More Accurate and Useful Public Company Data

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On August 19, 2008, the Securities and Exchange Commission announced further progress towards its goal of modernizing the current EDGAR reporting system ? by moving away from a form-based filing system to a more interactive system with enhanced real-time search tools. The Commission unveiled the new system under the name IDEA, or Interactive Data Electronic Applications. The IDEA system will be designed to take advantage of the electronic data ?tags? that the SEC has proposed be included in future filings by public companies and mutual funds. By using these electronic tags, the IDEA system will enable its users to more easily and quickly manipulate, sort and search through filed information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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