Alert April 29, 2008

SEC Posts Overview of Voluntary Data Tagging Program for Mutual Funds

The SEC has posted on its website a brief overview that summarizes and explains rules adopted by the SEC in implementing its voluntary program to permit mutual funds to submit data tagged prospectus risk/return summary information in EDGAR filings.  Data tagging labels information in electronic filings using standardized definitions so that the information can be retrieved, searched and analyzed through automated means.  The newly posted summary provides a straightforward overview of the kinds of information subject to tagging, the practical details of submitting tagged information in EDGAR filings and resources for more detailed information on the voluntary program.  The SEC is promoting data tagging to increase ability of investors, analysts and others to collect and use information in disclosure documents filed with the SEC.  The SEC recently unveiled a mutual fund comparison tool on its website that demonstrates the use of data tagged information extracted from filings made by mutual funds participating in the voluntary program (see the April 15, 2008 Alert).