Federal Register, Volume 70 Issue 25 (Tuesday, February 8, 2005)

[Federal Register Volume 70, Number 25 (Tuesday, February 8, 2005)]
[Rules and Regulations]
[Pages 6556-6573]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-2391]

=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

17 CFR Parts 228, 229, 232, 240, 249 and 270

[Release Nos. 33-8529, 34-51129, 35-27944, 39-2432, IC-26747; File
Number S7-35-04]
RIN 3235-AJ32

XBRL Voluntary Financial Reporting Program on the EDGAR System

AGENCY: Securities and Exchange Commission.

ACTION: Final rule.

-----------------------------------------------------------------------

SUMMARY: We are adopting rule amendments to enable registrants to
submit voluntarily supplemental tagged financial information using the
eXtensible Business Reporting Language (XBRL) format as exhibits to
specified EDGAR filings under the Securities Exchange Act of 1934 and
the Investment Company Act of 1940. Registrants choosing to participate
in the voluntary program also will continue to file their financial
information in HTML or ASCII format, as currently required. To
participate in the program, volunteers need to submit their XBRL
formatted information in accordance with the amendments. The voluntary
program is intended to help us evaluate the usefulness of data tagging
and XBRL to registrants, investors, the Commission and the marketplace.

EFFECTIVE DATE: March 16, 2005.

FOR FURTHER INFORMATION CONTACT: If you have questions about the
amendments, please contact one of the following members of our staff:
Brigitte Lippmann or Mark W. Green, Division of Corporation Finance
(202-942-2910), Jeffrey W. Naumann, Office of the Chief Accountant
(202-942-4400), or Toai P. Cheng (202-942-0590) or David S. Schwartz
(202-942-0721), Division of Investment Management, Securities and
Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549. If
you have technical questions about the EDGAR system, please contact the
EDGAR Filer Support Office (202-942-8900) or Richard Heroux, EDGAR
Program Manager (202-942-8800), in the Office of Information
Technology.
We also invite public inquiries and comments regarding the
voluntary program through the use of an Internet electronic mailbox at
http://www.sec.gov/spotlight/xbrl.htm. Because electronic mail (e-mail)
on the Internet is not secure, you should not send confidential or
sensitive information.

SUPPLEMENTARY INFORMATION: We are adopting \1\ amendments that will add
Rules 401 \2\ and 402 \3\ to Regulation S-T, revise Rules 11 \4\ and
305 \5\ under Regulation S-T,\6\ Item 601 \7\ under

[[Page 6557]]

Regulation S-K,\8\ Item 601 \9\ under Regulation S-B,\10\ Rules 13a-14
\11\ and 15d-14 \12\ under the Securities Exchange Act of 1934
(``Exchange Act'') \13\ and Rules 8b-1,\14\ 8b-2 \15\ and 30a-2 \16\
under the Investment Company Act of 1940 (``Investment Company
Act'').\17\ We also are adopting amendments that revise Forms 20-F \18\
and 6-K \19\ under the Exchange Act and add new Rule 8b-33 under the
Investment Company Act.
---------------------------------------------------------------------------

\1\ The amendments were proposed in Release No. 33-8496 (Sept.
27, 2004) [69 FR 59094] (``Proposing Release'').
\2\ 17 CFR 232.401.
\3\ 17 CFR 232.402.
\4\ 17 CFR 232.11.
\5\ 17 CFR 232.305.
\6\ 17 CFR 232.10 et seq. We also are adopting an amendment to
add a heading for Rules 401 and 402.
\7\ 17 CFR 229.601.
\8\ 17 CFR 229.10 et seq.
\9\ 17 CFR 228.601.
\10\ 17 CFR 228.10 et seq.
\11\ 17 CFR 240.13a-14.
\12\ 17 CFR 240.15d-14.
\13\ 15 U.S.C. 78a et seq.
\14\ 17 CFR 270.8b-1.
\15\ 17 CFR 270.8b-2.
\16\ 17 CFR 270.30a-2.
\17\ 15 U.S.C. 80a-1 et seq.
\18\ 17 CFR 249.220f.
\19\ 17 CFR 249.306.
---------------------------------------------------------------------------

Table of Contents

I. Background
II. The Amendments
A. Form of XBRL Submissions
B. Description of XBRL Data
C. Timing of XBRL Submissions
D. Official Filings Still Required
E. Voluntary Program Content and Format
F. XBRL Data Must Correlate to Standard XBRL Taxonomies
G. Use of Tagged Data
H. Liability Issues
III. Paperwork Reduction Act
IV. Cost-Benefit Analysis
A. Benefits
B. Costs
V. Final Regulatory Flexibility Analysis
A. Reasons for, and Objectives of, the Amendments
B. Significant Issues Raised by Public Comment
C. Small Entities Subject to the Amendments
D. Projected Reporting, Recordkeeping, and Other Compliance
Requirements
E. Agency Action To Minimize Effect on Small Entities
VI. Consideration of Impact on the Economy, Burden on Competition
and Promotion of Efficiency, Competition, and Capital Formation
VII. Statutory Basis and Text of Amendments

I. Background

On September 27, 2004, we proposed to adopt amendments to
Regulation S-T to allow registrants to supplement their Commission
filings by furnishing financial data on the Commission's Electronic
Data Gathering, Analysis and Retrieval System (``EDGAR'') as an exhibit
using eXtensible Business Reporting Language (``XBRL''),\20\ beginning
with the 2004 calendar year-end reporting season.
---------------------------------------------------------------------------

\20\ XBRL is an open standard that provides a format for tagging
financial information and allows users to extract, exchange, analyze
and display financial information. XBRL was developed and continues
to be supported by XBRL International, a collaborative consortium of
approximately 250 organizations representing many constituents of
the financial reporting community. Organizations in the consortium
include issuers, public accounting firms, software companies, filing
agents, data aggregators, stock exchanges, regulators, financial
services companies, and industry associations. The Commission is not
a member of the consortium. XBRL International and its related
entities have been developing standard taxonomies that they state
classify and define financial information in accordance with U.S.
Generally Accepted Accounting Principles (``GAAP'') and our
regulations. An XBRL taxonomy is a standard description and
classification system for business reporting and financial data.
Tags consist of specific financial data, such as the line items
presented in the financial statements, and words or labels, such as
headers in the notes to the financial statements. See http://www.xbrl.org. and Release No. 33-8497 (Sept. 27, 2004) [69 FR 59111]
(``Concept Release'') for a further description of XBRL.
---------------------------------------------------------------------------

All registrants who file with the Commission are generally required
to file electronically on EDGAR.\21\ The EDGAR database, accessible on
our Web site at http://www.sec.gov, provides ready access to a broad
range of registrant information. Electronic submissions are governed by
Regulation S-T, in conjunction with the EDGAR Filer Manual \22\ and the
electronic filing provisions of applicable rules, regulations, and
forms. Since we first adopted rules to implement the operational phase
of EDGAR, we have continually sought to make EDGAR more useful to the
investing public. Proponents of the XBRL reporting standard assert that
it offers benefits for all participants in the financial information
supply chain, from registrants, who would benefit from potential
efficiencies in preparing their filings, and improved transparency of
their filings, resulting in broader analyst coverage, more market
exposure and greater investor confidence, to regulators and investors,
who would benefit from ready access to tagged financial data for
analytical and review purposes.\23\
---------------------------------------------------------------------------

\21\ Rules 100 and 101 of Regulation S-T (17 CFR 232.100 and
232.101).
\22\ See Rule 301 of Regulation S-T (17 CFR 232.301). We
originally adopted the EDGAR Filer Manual on July 1, 1993, with an
effective date of July 26, 1993. Release No. 33-6986 (Apr. 1, 1993)
[58 FR 18638]. We most recently updated the EDGAR Filer Manual on
August 6, 2004, the current version of which can be found at http://www.sec.gov/info/edgar.shtml. See Release No. 33-8454 (Aug. 6, 2004)
[69 FR 49803].
\23\ See http://www.xbrl.org.
---------------------------------------------------------------------------

The amendments that we adopt today will permit volunteers to submit
on EDGAR supplemental exhibits using XBRL for the purpose of allowing
registrants, the Commission and others to test and evaluate tagging
technology. The voluntary program will permit any registrant to
participate merely by submitting an XBRL exhibit in the required
manner. The XBRL exhibits will be publicly available but will be
considered furnished rather than filed. Although XBRL exhibits will be
required to accurately reflect the information that appears in the
corresponding part of the official filing, the purpose of submitting
XBRL data is to test the related format and technology and, as a
result, investors and others should continue to rely only on the
official version of a filing and not rely on the XBRL data in making
investment decisions. We will include cautionary language to this
effect on the Commission's Web site.
We received 28 comment letters relating to the Proposing Release
from various constituencies, including issuers, accounting firms,
financial analysts, filing agents and associations representing the
interests of such constituencies.\24\ Commenters expressed general
overall support for the Commission's approach to implementing the
voluntary program and investigating tagged data. Commenters also
supported our approach of not limiting the program by size or specific
industry.\25\ The final rules include a number of changes from the
proposed rules to address the comment letters, including commenters'
recommendations to encourage participation in the program and provide
volunteers with greater flexibility. For example, we have addressed
commenters' requests to allow volunteers the option of whether to
submit the notes to the financial statements in XBRL in the voluntary
program.\26\ There were many additional

[[Page 6558]]

comments addressing the development of the voluntary program and the
XBRL technology, including taxonomy development, auditor attestation
and audit opinions. We discuss specific comments where applicable in
this release; otherwise we may consider these comments in the future
based on our experience with the voluntary program.
---------------------------------------------------------------------------

\24\ See letters from American Accounting Association (``AAA'');
American Institute of Certified Public Accountants (``AICPA'');
Arbortext XML Solutions; Blastradius; Business Wire (``Bus Wire'');
Capricorn Research; The Consortium of EDGAR Filing Agents and
Software Developers (``CEFASD''); Steve Cushing; Deloitte & Touche
LLP (``D&T''); EDGAR Online, Inc.; Ernst & Young LLP (``E&Y'');
Federal Deposit Insurance Corporation; Federal Financial
Institutions Examination Council; Financial Executives International
(``FEI''); C.R. Fonseca; Grant Thornton LLP (``Grant Thornton'');
Institute of Management Accountants (``IMA''); Investment Company
Institute (``ICI''); KPMG LLP (``KPMG''); Eric Paul Linder
(``Linder''); Microsoft Corporation (``MSFT''); James L. Nesfield;
New York Society of Security Analysts (``NYSSA''); New York State
Bar Association (``NYSBA''); PricewaterhouseCoopers LLP (``PWC'');
PR Newswire Association LLC; Barry J. Reischling; and Spredgar
Software (``Spredgar''). The public comments we received and a
summary of the comments prepared by our staff are available for
inspection in our Public Reference Room at 450 Fifth Street, NW.,
Washington, DC 20549, in File No. S7-35-04, or may be viewed at
http://www.sec.gov/rules/proposed/s73504.shtml.
\25\ See, for example, the letters from AAA, AICPA, CEFASD, E&Y,
FEI, IMA and PWC.
\26\ See, for example, the letters from AAA, AICPA, D&T, IMA,
KPMG and MSFT.
---------------------------------------------------------------------------

We emphasize that we are in the preliminary phases of testing XBRL
and we may amend the voluntary program as the technology becomes more
mature and based on our experience with the program.

II. The Amendments

In conjunction with establishing the voluntary filing program, we
are adding new Rule 401 to Regulation S-T that will allow filers, on a
voluntary basis, to furnish supplemental financial information using
XBRL. The revision to Rule 11 of Regulation S-T, adopted as proposed,
makes ``XBRL-Related Documents'' a defined term that means documents
related to presenting financial information in XBRL format that are
part of a voluntary submission in electronic format in accordance with
new Rule 401. New Rule 401 generally provides that a registrant
participating in the voluntary program (a ``volunteer'') may submit
XBRL-Related Documents in electronic format if they meet all the
conditions of the rule. Appendix L to the EDGARLink Filer Manual will
provide instructions and guidance on the preparation, submission, and
validation of EDGAR-acceptable electronic filings with attached XBRL-
Related Documents.\27\ The EDGAR system upgrade to Release 8.10 is
scheduled to become available on February 7, 2005 to, among other
things, enable EDGAR to process XBRL-Related Documents when the
voluntary program becomes effective on March 16, 2005.\28\
---------------------------------------------------------------------------

\27\ Rule 301 of Regulation S-T, the regulation that governs the
preparation and transmission of electronic filings on the
Commission's EDGAR system, requires electronic filings to be
prepared in accordance with the provisions of the EDGAR Filer
Manual. The Filer Manual contains the technical formatting
requirements for electronic submissions. Filers must comply with
those requirements to ensure the timely receipt and acceptance of
documents submitted to the Commission in an electronic format. See
the companion EDGAR Filer Manual adopting release (Release No. 33-
8528 (Feb. 3, 2005)) updating the EDGAR Filer Manual to reflect
EDGAR Release 8.10.
\28\ These submissions will be required to be made in accordance
with the EDGAR Filer Manual and the exhibit provisions of Item
601(b) (100) of Regulation S-K or S-B, revised Form 20-F, revised
Form 6-K or Rule 8b-33 under the Investment Company Act, as
applicable. As proposed, the items and rule will list the Exchange
Act and Investment Company Act filings, in addition to Forms 20-F
and 6-K, with which volunteers can submit XBRL-Related Documents. We
are adopting as proposed revisions to Rules 8b-1 and 8b-2 under the
Investment Company Act to reflect the addition of Rule 8b-33.
Finally, we are adopting as proposed the revision to Rule 305(b) of
Regulation S-T to exempt the submissions from the formatting
requirements of Rule 305(a) because the formatting requirements are
unnecessary in this context.
---------------------------------------------------------------------------

A. Form of XBRL Submissions

The amendments require that volunteers furnish XBRL-Related
Documents as an exhibit to either the Exchange Act or Investment
Company Act filing from which they were derived, or as an exhibit to a
filing on Form 8-K \29\ or Form 6-K,\30\ as applicable, that
references, and is submitted no earlier than, the related filing.\31\
The Forms 8-K and 6-K alternative does not apply to volunteers that are
registered management investment companies because they are generally
not eligible to file those forms.\32\ XBRL-Related Documents will be
identifiable as Exhibit 100 to the corresponding filing.
---------------------------------------------------------------------------

\29\ 17 CFR 249.308. Commenters supported allowing volunteers to
furnish XBRL data in a Form 8-K. See, for example, the letters from
CEFASD and KPMG.
\30\ As proposed, we are revising Form 6-K to permit submission
of XBRL-Related Documents as Exhibit 100.
\31\ As noted in the Proposing Release, in addition to domestic
issuers, the voluntary program is available to foreign private
issuers that otherwise file their primary financial statements in
accordance with U.S. GAAP.
\32\ See Rules 13a-11(b) and 15d-11(b) under the Exchange Act.
[17 CFR 240.13a-11(b) and 240.15d-11(b)].
---------------------------------------------------------------------------

B. Description of XBRL Data

Rule 401, as adopted, contains three requirements for disclosure
that must appear in the filing with which the XBRL-Related Documents
are submitted. These requirements were not included in the rule as
proposed. First, Rule 401 requires volunteers to describe the XBRL-
Related Documents (whether they are filed as an exhibit to the related
official filing or to a Form 8-K or Form 6-K that references such
filing) either as ``unaudited'' or, for quarterly financial statements,
``unreviewed.'' Second, Rule 401 requires volunteers to provide
cautionary language advising investors that the purpose of furnishing
XBRL data is to test the format and the technology and, as a result,
investors should not rely on the XBRL data in making investment
decisions. This additional disclosure will complement the similar
cautionary statements we plan to add to our Web site as described in
the Proposing Release. Finally, Rule 401 provides that, if a reason to
file a Form 8-K or Form 6-K or an amendment to a Form 8-K or Form 6-K
is to submit as an exhibit XBRL-Related Documents that present
information related to financial information filed as part of a
different filing (e.g., a Form 8-K that references a previously filed
Form 10-Q \33\), volunteers must reference the official filing from
which the data in the XBRL-Related Documents was derived.\34\ These
disclosures should be provided, as applicable, in:
---------------------------------------------------------------------------

\33\ 17 CFR 249.308a.
\34\ The disclosure requirement also addresses the concern of
one commenter (CEFASD) about a Form 8-K whose sole purpose is to
accompany an XBRL Exhibit 100. The commenter noted that in such
circumstances, if the exhibit were removed, the surviving,
disseminated cover page would contain no useful information. The
commenter recommended that in such circumstances, the Commission
should suspend the entire filing. Although it would not be feasible
to suspend the entire filing, the required disclosures would clearly
identify the purpose of the filing. In this regard, we note that
even without the purpose disclosure requirement, a form with an
exhibit list would refer to Exhibit 100 and that would identify the
intent to submit XBRL data.
---------------------------------------------------------------------------

The exhibit index of the Forms 10-K,\35\ 10-Q, 10,\36\ 10-
SB,\37\ 10-KSB,\38\ 10-QSB \39\ or 20-F,
---------------------------------------------------------------------------

\35\ 17 CFR 249.310.
\36\ 17 CFR 249.210.
\37\ 17 CFR 249.210b.
\38\ 17 CFR 249.310b.
\39\ 17 CFR 249.308b.
---------------------------------------------------------------------------

Item 2.02 or 8.01 of Form 8-K, or
The body of the Forms 6-K, N-CSR \40\ or N-Q.\41\
---------------------------------------------------------------------------

\40\ 17 CFR 249.331 and 274.128.
\41\ 17 CFR 249.332 and 274.130.
---------------------------------------------------------------------------

We received several comments and recommendations regarding
disclosure about furnishing XBRL data.\42\ One commenter agreed that it
is reasonable to require registrants to describe the official filings
to which the XBRL exhibits correspond because investors may not be
aware that Exhibit 100 reflects XBRL data.\43\ Another commenter \44\
recommended that volunteers submit a letter describing management's
basic decisions involving the use of taxonomies and policies about
creating instance documents, including the correlation to printed
financial statements and other relevant resources, the selection of
taxonomies, additions and adjustments to the base taxonomy or
taxonomies, and the level of tagging detail.\45\ Another commenter

[[Page 6559]]

believed that volunteers should be encouraged to disclose:
---------------------------------------------------------------------------

\42\ See the letters from AICPA, E&Y and PWC.
\43\ See the letter from AICPA.
\44\ See the letter from PWC.
\45\ As noted in Section I of this release, an XBRL taxonomy is
intended to be a standard description and classification system for
business reporting and financial data. An instance document, which
is a machine readable form, pairs a tag from the taxonomy with the
related piece of financial information. For additional detail
regarding instance documents, see Section II.C.1 of the Proposing
Release.
---------------------------------------------------------------------------

That the financial information in the XBRL-Related
Documents is appropriately tagged,
The source of the tagged information (e.g., the financial
statements, MD&A),
The extent of tagging used, including whether there have
been any changes in the extent of tagging or the use of extensions as
compared to XBRL-Related Documents furnished for previous fiscal
periods, and
Whether any extensions meet the XBRL International
technical specification.\46\

\46\ See the letter from E&Y.

To facilitate participation, we have decided not to require such
disclosure for the voluntary program; however, we encourage volunteers
to provide the additional disclosure recommended by the commenters.

C. Timing of XBRL Submissions

The XBRL-Related Documents may be submitted at the same time as the
official EDGAR filing to which they relate, either as an exhibit to the
official filing or, for operating companies, as an exhibit to a Form 8-
K or Form 6-K \47\ filed simultaneously. Alternatively, the XBRL-
Related Documents may be filed subsequent to the official EDGAR filing
to which they relate, either in a later amendment to the official
filing or, for operating companies, as an exhibit on Form 8-K or Form
6-K. Volunteers will not be permitted to submit the XBRL-Related
Documents before they file the related official document. Although the
amendments do not establish a deadline for submitting or amending XBRL
data, volunteers are encouraged to submit the XBRL-Related Documents
with the official document or shortly after the official document is
filed. Volunteers will be free to submit their XBRL exhibits regularly
or from time to time and can stop or start as they choose. If a
volunteer amends the XBRL-Related Documents it submitted earlier, it
should amend the filing to which the XBRL-Related Documents are
attached as an exhibit.\48\
---------------------------------------------------------------------------

\47\ As further discussed below, XBRL-Related Documents will not
be deemed filed or incorporated by reference regardless of whether
they are exhibits to a document incorporated by reference into
another filing (e.g., an XBRL exhibit to a Form 10-K filing will not
be incorporated into a Form S-3 [17 CFR 239.13] registration
statement even though other portions of the Form 10-K are so
incorporated).
\48\ For example, if the volunteer submitted XBRL data with a
Form 8-K, it should amend the Form 8-K. A volunteer must amend XBRL-
Related Documents it submitted earlier if they did not comply with
the content and format requirements of new Rule 401.
---------------------------------------------------------------------------

Many commenters asserted that allowing volunteers to submit their
XBRL-tagged financial statements after they file the related official
filing will be important to securing volunteers.\49\ Commenters
recommended that a reasonable period of time be allowed for submitting
XBRL-Related Documents and suggested periods typically ranging from 30
days up to 90 days.\50\ One commenter recommended that no deadline be
required.\51\ Other commenters approved of a delay, but did not specify
a time period.\52\
---------------------------------------------------------------------------

\49\ See, for example, the letters from AAA, AICPA, Blastradius,
CEFASD, E&Y, IMA, KPMG, MSFT and PWC.
\50\ See, for example, the letters from AAA, Blastradius and
IMA.
\51\ See the letter from MSFT.
\52\ See, for example, the letter from D&T.
---------------------------------------------------------------------------

As proposed, we have not implemented a submission deadline for
furnishing XBRL data. One of the reasons for this decision is that
volunteers may wish to furnish XBRL-Related Documents that relate to
historical financial information from their previous Commission
filings. While it would be preferable for registrants to submit all
XBRL-Related Documents promptly, data elements in the submission would
include date information and the voluntary program includes safeguards
against reliance on the data. In addition, we recognize that
registrants may be discouraged from participating in the voluntary
program if we impose deadlines, especially during the early stages of
the program when volunteers are testing the technology.
Some commenters recommended that rather than amend submissions, the
volunteers be allowed to ``withdraw'' them from EDGAR.\53\ However,
submissions to EDGAR cannot, as a practical matter, be withdrawn after
public dissemination.
---------------------------------------------------------------------------

\53\ See the letters from AICPA, E&Y and NYSBA.
---------------------------------------------------------------------------

D. Official Filings Still Required

The XBRL-Related Documents submitted in the voluntary program will
be supplemental submissions and will not replace the required HTML or
ASCII version of the financial information they contain. Volunteers
will be required to continue to file their official EDGAR filings.

E. Voluntary Program Content and Format

XBRL-Related Documents must contain only voluntary program content
(``Voluntary Program Content'') that appears in voluntary program
format (``Voluntary Program Format'') as further described below.
Voluntary Program Content must consist of mandatory content
(``Mandatory Content'') and may be accompanied by optional content
(``Optional Content'').
Mandatory Content consists of a complete set of information for all
periods presented in the corresponding official EDGAR filing from one
or more of the following categories (as filed in the corresponding
official EDGAR filing): \54\
---------------------------------------------------------------------------

\54\ Although volunteers may furnish data as Mandatory Content
from certain specific categories of financial information in the
corresponding official EDGAR filing in XBRL format (e.g., financial
statements only, omitting notes), the financial information in the
specific category provided in XBRL format must be complete (e.g., if
the financial statements are provided, income statement, balance
sheet, cash flows and equity statements must all be submitted).
---------------------------------------------------------------------------

The complete set of financial statements (the only
exceptions are that notes to the financial statements and schedules
related to the financial statements may be omitted \55\ unless the
volunteer is a registered management investment company, in which case
it must include Schedule I--Investments in Securities of Unaffiliated
Issuers); \56\
---------------------------------------------------------------------------

\55\ In the Proposing Release at note 47, we stated that
financial statements other than those for investment company
volunteers should not include the related schedules when submitted
as XBRL-Related Documents in the voluntary program. In order to
provide additional testing opportunities, however, we are permitting
operating companies to provide these schedules in the voluntary
program. We further discuss below related schedules of investment
companies.
\56\ Rule 12-12 of Regulation S-X [17 CFR 210.12-12].
---------------------------------------------------------------------------

Earnings information set forth in Form 6-K or Items 2.02
or 8.01 of Form 8-K (whether contained in the body of the Form 8-K or
Form 6-K or in an exhibit, and whether filed or furnished); or
Financial highlights or condensed financial information
\57\ (if the volunteer is a registered management investment company).
---------------------------------------------------------------------------

\57\ Item 8(a) of Form N-1A, Item 4.1 of Form N-2 and Item 4(a)
of Form N-3 [17 CFR 274.11A, 274.11a-1 and 274.11b]. Forms N-1A, N-2
and N-3 also are authorized under the Securities Act of 1933
(``Securities Act'') [15 U.S.C 77a et seq.] under 17 CFR 239.15A,
239.14 and 239.17a.
---------------------------------------------------------------------------

Optional Content can consist only of a complete set of information
that is:
For all periods presented in the corresponding official
EDGAR filing;
Related to financial information in the corresponding
official EDGAR filing that is simultaneously submitted as Mandatory
Content; and
From one or more of the following categories (as filed in
the corresponding official EDGAR filing): \58\
---------------------------------------------------------------------------

\58\ Although volunteers may furnish data as Optional Content
from certain specific categories of information in the corresponding
official EDGAR filing in XBRL format (e.g., MD&A), the information
in the specific category provided in XBRL format must be complete
(e.g., if MD&A is provided, all the MD&A in the corresponding
official EDGAR filing must be submitted).

---------------------------------------------------------------------------

[[Page 6560]]

Audit opinions; \59\
---------------------------------------------------------------------------

\59\ Rule 2-02 of Regulation S-X [17 CFR 210.2-02].
---------------------------------------------------------------------------

Interim review reports; \60\
---------------------------------------------------------------------------

\60\ Rule 10-01(d) of Regulation S-X [17 CFR 210.10-01(d)].
---------------------------------------------------------------------------

Reports of management on the financial statements;
Certifications; or
Management's Discussion and Analysis of Financial
Condition and Results of Operations (``MD&A''),\61\ Management's
Discussion and Analysis or Plan of Operation,\62\ Operating and
Financial Review and Prospects \63\ or Management's Discussion of Fund
Performance (``MDFP'').\64\
---------------------------------------------------------------------------

\61\ Item 303 of Regulation S-K [17 CFR 229.303].
\62\ Item 303 of Regulation S-B [17 CFR 228.303].
\63\ Item 5 of Form 20-F.
\64\ Item 22(b)(7) of Form N-1A.
---------------------------------------------------------------------------

Voluntary Program Content is in Voluntary Program Format if:
Each data element (i.e., all text and all line item names
and associated values, dates and other labels) contained in the XBRL-
Related Documents reflects the same information in the corresponding
official EDGAR filing (i.e., the HTML or ASCII version);
No data element in the corresponding official EDGAR filing
is changed, deleted or summarized in the XBRL-Related Documents;
The XBRL-Related Documents correlate to the appropriate
version of a standard taxonomy, supplemented with extension taxonomies
as specified in the EDGAR Filer Manual;
Each data element contained in the XBRL-Related Documents
is matched with the appropriate tag in accordance with any applicable
taxonomy; and
The XBRL-Related Documents contain any additional mark-up
related content (e.g., the XBRL tags themselves, identification of the
core XML documents used and other technology related content) not found
in the corresponding official EDGAR filing that are necessary to comply
with the EDGAR Filer Manual requirements.
We had proposed to require volunteers to furnish in XBRL format a
complete set of financial statements, including notes to the financial
statements. This approach would have provided a comprehensive test of
the capacity of the XBRL format for financial information to replicate
the HTML and ASCII versions. The proposal also asked for comment on
whether volunteers should be permitted to omit the notes to the
financial statements. Many commenters disagreed with the proposal to
require a complete set of the notes to the financial statements in XBRL
format.\65\ Several commenters expressed the view that the taxonomy
development of the notes to the financial statements is not detailed
enough in the standard taxonomies to facilitate easy tagging.\66\ As a
result, commenters generally believed that volunteers would need to
create substantial extensions, which would be burdensome and could
discourage registrants from participating in the program.\67\ Several
commenters recommended allowing volunteers to submit financial
statements in XBRL format that omit the notes to the financial
statements.\68\ Other commenters indicated that the notes to the
financial statements should be included in XBRL format, noting,
however, that the Commission could limit the notes required to be
tagged or allow the use of a single tag for all notes.\69\ Some
commenters recommended that volunteers be afforded flexibility in
determining the level of detail to which the notes to the financial
statements are tagged.\70\
---------------------------------------------------------------------------

\65\ See the letters from AAA, AICPA, D&T, IMA, KPMG and MSFT.
\66\ See, for example, the letters from AICPA, D&T, KPMG and
PWC.
\67\ See, for example, the letters from D&T and KPMG.
\68\ See, for example, the letters from AICPA, D&T, KPMG and
MSFT.
\69\ See, for example, the letters from CESFASD (allow a single
tag for all notes) and PWC (limit the notes required to be tagged).
\70\ See, for example, the letters from AICPA, D&T, E&Y and
KPMG.
---------------------------------------------------------------------------

Although we consider the notes to the financial statements to be an
integral part of the financial statements for filing purposes, we have
determined not to mandate them for purposes of the voluntary program.
Recognizing the technical issues presented by tagging the notes to the
financial statements, and in light of the other safeguards in the
rules, we are providing volunteers with additional flexibility to
determine whether or not to include the notes to the financial
statements. If volunteers do choose to tag the notes to the financial
statements in their XBRL-Related Documents, they must tag all the notes
so that they meet the requirements of Voluntary Program Content.
Representing the entire set of notes to the financial statements with a
single tag does not appear to be useful to users because of the
difficulty of consuming such a large volume of data in that format.
Consequently, we encourage volunteers that choose to tag the notes to
the financial statements to tag at a level that provides practical data
to users and furthers the goal of testing the capabilities of the XBRL
technology.
As proposed, investment company volunteers would have been required
to submit the schedules related to the financial statements when
submitting the financial statements in XBRL format. One commenter
voiced the concern that, because the XBRL taxonomy for investment
companies may not be sufficiently developed to support tagging of these
schedules, requiring inclusion of the related schedules would force
investment company volunteers to create a substantial set of taxonomy
extensions, which would discourage participation in the program.\71\ We
generally agree and have modified the rules to limit the related
schedules that registered management investment company volunteers must
submit in XBRL format with the financial statements to Schedule I--
Investments in Securities of Unaffiliated Issuers.\72\ We believe that
this schedule must be provided in XBRL format because the information
is critical to an understanding of investment company financial
statements and to testing the XBRL program with regard to investment
company filings.
---------------------------------------------------------------------------

\71\ See the letter from ICI.
\72\ Registered management investment company volunteers may,
but are not required to, submit other related schedules in XBRL
format with financial statements in XBRL format including the
following: Schedule II--Investments--other than securities [17 CFR
210.12-13]; Schedule III--Investments in and advances to affiliates
[17 CFR 210.12-14]; Schedule IV--Investments--securities sold short
[17 CFR 210.12-12A]; Schedule V--Open option contracts written [17
CFR 210.12-12B]; and Schedule VI--Summary schedule of investments in
securities of unaffiliated issuers [17 CFR 210.12-12C].
---------------------------------------------------------------------------

Some commenters requested clarification of the requirement to
provide XBRL data containing the ``same information'' as in the
official filing to which it relates.\73\ In response to these comments,
as discussed above, we have revised proposed Rule 401 to provide more
detailed specification of the various respects in which the information
in the XBRL-Related Documents must be the ``same'' as that in the
official filing to which it relates. We have explained that no
information in the corresponding official filing may be deleted,
changed or summarized in the XBRL format. For example, if the revenue
line item in the related official filing's income statement is broken
down into different segments, the XBRL data must also contain the
revenue line items for each segment; the volunteer cannot only include
the total revenue line item. If a volunteer submits MD&A or MDFP in
XBRL format, all text in

[[Page 6561]]

addition to the tables and schedules must be tagged. We did not take
the approach suggested by some commenters to require that the XBRL data
be ``consistent with'' \74\ or ``materially the same'' \75\ as the
official filing because we believe that this could cause uncertainty,
reduce the disclosure provided in an XBRL format, and impair our
pursuit of the objectives of the voluntary program.
---------------------------------------------------------------------------

\73\ See, for example, the letters from AICPA, D&T, NYSBA and
PWC.
\74\ See the letters from D&T and PWC.
\75\ See the letter from NYSBA.
---------------------------------------------------------------------------

One commenter recommended that the voluntary program exclude XBRL
tagging of earnings releases, selected financial data and schedules of
ratio of earnings to fixed charges because there are no clear standards
regarding the content and presentation of such information.\76\ This
commenter also was concerned that some volunteers may interpret the
proposed rule to allow XBRL-Related Documents to contain partial
financial presentations so long as the elements of such a presentation
are ``the same information'' as presented in (i.e., consistent with)
the complete set of annual or interim financial statements or in MD&A.
As noted above, we have clarified that partial financial presentations
are not permissible content for XBRL submissions. Also, in view of the
goals of the voluntary program to test and evaluate data tagging, we
would like to test a wide variety of XBRL data. Therefore, volunteers
will be able to present, among other information, earnings information,
MD&A, MDFP, financial highlights, management or accounting reports and
certifications \77\ in XBRL format.
---------------------------------------------------------------------------

\76\ See the letter from E&Y.
\77\ Commenters generally supported not requiring
certifications. See, for example, the letters from AAA, AICPA,
CEFASD, D&T, E&Y, FEI, IMA, KPMG, MSFT, NYSBA, and PWC. Several
commenters further suggested that volunteers should be allowed to
submit certifications. See, for example, the letters from AICPA,
D&T, IMA and PWC.
---------------------------------------------------------------------------

F. XBRL Data Must Correlate to Standard XBRL Taxonomies

The voluntary program requires all volunteers to use the
appropriate version of a standard taxonomy, supplemented with extension
taxonomies as specified by the EDGAR Filer Manual. The XBRL Consortium
has publicly announced that it will finalize the following standard
taxonomies, which have all completed at least one review and comment
period, by the end of the first quarter of 2005: \78\
---------------------------------------------------------------------------

\78\ The XBRL Consortium has publicly announced that it will
finalize the Commercial and Industrial, Banking and Savings
Institutions and Insurance standard taxonomies by February 28, 2005.
It also has publicly announced that it will finalize the Investment
Company taxonomy by March 31, 2005. See http://www.xbrl.org.
---------------------------------------------------------------------------

Commercial and Industrial; \79\
---------------------------------------------------------------------------

\79\ This taxonomy has detailed financial reporting elements
specific to commercial and industrial-type companies. If a
registrant is not a bank, savings institution, insurance company,
broker-dealer or investment company, it would likely use the
commercial and industrial standard taxonomy. See http://www.xbrl.org.
---------------------------------------------------------------------------

Banking and Savings Institutions;
Insurance; and
Investment Companies.\80\

\80\ The investment companies taxonomy was released for public
comment on December 21, 2004 with a request for comments to be
submitted by January 20, 2005.
---------------------------------------------------------------------------

We have chosen March 16, 2005 as the effective date for the program,
since this is the date by which accelerated filers with December 31
fiscal year ends are required to file their Form 10-Ks. We will provide
notice on our Web site of the taxonomies supported for the voluntary
program and expect that additional standard taxonomies will be
permitted on the EDGAR system as they are finalized.\81\ The final
standard taxonomies will be incorporated into the EDGAR system and
volunteers may not attach the standard taxonomies to filings made on
EDGAR.
---------------------------------------------------------------------------

\81\ Commenters noted that they were unaware of any other
standard taxonomies that are sufficiently developed to support
Commission submissions. Some commenters noted that the Commission
may wish to consider allowing volunteers to use International
Financial Reporting Standards, formerly known as International
Accounting Standards, taxonomies as a means of encouraging non-U.S.
issuers to participate. See the letters from AAA, CEFASD, FEI, IMA,
MSFT and PWC. We are continuing to consider this suggestion.
---------------------------------------------------------------------------

Commenters generally believed that the draft U.S. GAAP taxonomies
are sufficiently developed for use in the voluntary program, but
acknowledged that most volunteers will need to create extensions to
meet their reporting requirements.\82\ Some commenters believed there
are sufficient software tools available in the market to create such
extensions, but noted that the software requires further development
for satisfactory end-user implementation.\83\ One commenter, while
strongly supporting the voluntary program, recommended that the XBRL
specification for the standard taxonomies be changed to eliminate the
required use of what the commenter described as its complex proprietary
structure.\84\ This commenter believed that the full XBRL specification
will not be useful to financial analysts because the customized
extensions must be analyzed to determine comparability among companies.
We expect that the voluntary program will enable us to better analyze
the adequacy of the standard taxonomies and whether it would be
desirable to develop our own taxonomy for some or all regulatory
reporting requirements.\85\
---------------------------------------------------------------------------

\82\ See, for example, the letters from AAA, AICPA, FEI, IMA,
KPMG, MSFT and PWC.
\83\ See, for example, the letters from AAA, AICPA, IMA, MSFT
and PWC.
\84\ See the letter from Linder.
\85\ The letter from AAA noted that the Commission should
develop a small taxonomy that covers the key reporting elements.
---------------------------------------------------------------------------

G. Use of Tagged Data

As discussed in the Proposing Release, we had considered developing
an application, such as a standard style sheet, so that users would be
able to view XBRL data in a human readable format on our Web site. This
application would have converted XBRL files into a document that would
have the appearance of traditional financial information, such as a
balance sheet or income statement.
Commenters generally did not support a standard style sheet.\86\
Some commenters believed that a standard style sheet was not feasible
because it would not be able to render extensions.\87\ A style sheet
that could not render extensions would not display all the information
tagged from the corresponding official EDGAR filing.
---------------------------------------------------------------------------

\86\ See, for example, the letters from AAA, CEFASD, IMA, KPMG
and PWC. One commenter, however, stated that the Commission should
provide a standard template to render information and allow
participants to provide their own company specific presentation
template. See the letter from Grant Thornton.
\87\ See the letters from CEFASD, IMA and KPMG.
---------------------------------------------------------------------------

We have decided to commence the voluntary program without providing
a style sheet or other rendering application on our Web site. Users of
EDGAR data on http://www.sec.gov will be able to download the XBRL data
to perform their own financial analysis if they have appropriate
software.\88\ We plan to continue to analyze rendering and other
capabilities and we may add these features in the future. Users will
continue to be able to view the official filing in ASCII or HTML
format, as they can today.
---------------------------------------------------------------------------

\88\ See the letters from Blastradius and FEI.
---------------------------------------------------------------------------

H. Liability Issues

Because the voluntary program is experimental, contains other
appropriate safeguards, and should not unnecessarily deter volunteers
from participating, the revised rules provide limited protections from
liability under the federal securities laws. Commenters generally
supported the proposed liability protections; \89\ however, several
commenters requested clarification as further discussed below.
Accordingly,

[[Page 6562]]

we are adopting Rule 402 as proposed with minor clarifying
revisions.\90\
---------------------------------------------------------------------------

\89\ See, for example, AAA, AICPA and FEI.
\90\ This rule will not affect in any way participants' existing
obligations with respect to official filings. The official financial
information required to be filed by participants in HTML or ASCII
will continue to be subject to the liability provisions of the
federal securities laws.
---------------------------------------------------------------------------

Rule 402(a) generally will provide that XBRL-Related Documents
submitted in the program:
Are not deemed filed for purposes of Section 18 of the
Exchange Act \91\ or Section 34(b) of the Investment Company Act \92\
or otherwise subject to the liability of these sections; \93\
---------------------------------------------------------------------------

\91\ 15 U.S.C 78r.
\92\ 15 U.S.C. 80a-33(b). We modified proposed Rule 402(a) by
omitting references to the XBRL-Related Documents as not deemed
filed under Section 16 of the Public Utility Holding Company Act of
1935 (``Public Utility Holding Company Act'') [15 U.S.C. 79p] and
Section 323 of the Trust Indenture Act of 1939 (``Trust Indenture
Act'') [15 U.S.C. 77www]. We omitted these references as unnecessary
because XBRL-Related Documents only will be submitted as exhibits to
filings under the Exchange Act and the Investment Company Act.
\93\ We will caution users on the Commission's Web site that,
although XBRL-Related Documents are required to comply with format
and content requirements related to the corresponding official
filing, the purpose of submitting the XBRL-Related Documents is to
test the related format and technology and, as a result, investors
and others should continue to rely on the official version of the
filing and not rely on the XBRL-Related Documents in making
investment decisions.
---------------------------------------------------------------------------

Are not deemed incorporated by reference; \94\
---------------------------------------------------------------------------

\94\ Because the XBRL-Related Documents will not be filed under
the Exchange Act, they will not be incorporated by reference into
registration statements filed under the Securities Act or
prospectuses they contain. These protections will apply regardless
of whether the documents are exhibits to a document otherwise
incorporated by reference into a filing.
---------------------------------------------------------------------------

Are subject to all other liability and anti-fraud
provisions of the Exchange Act and Investment Company Act; \95\ and
---------------------------------------------------------------------------

\95\ For example, material misstatements or omissions in an XBRL
submission will continue to be subject to liability under Section
10(b) [15 U.S.C. 78j(b)] and Rule 10b-5 [17 CFR 240.10b-5] under the
Exchange Act.
---------------------------------------------------------------------------

Are deemed filed for purposes of Rule 103 of Regulation S-
T.\96\
---------------------------------------------------------------------------

\96\ 17 CFR 232.103. Rule 103 generally provides that an
electronic filer is not subject to liability as to an error or
omission in an electronic filing resulting solely from electronic
transmission errors beyond the control of the filer if the filer
corrects the problem through an amendment as soon as reasonably
practicable after the filer becomes aware of the problem.
---------------------------------------------------------------------------

Rule 402(b) provides additional relief from liability under the
Securities Act, Exchange Act, Public Utility Holding Company Act, Trust
Indenture Act and Investment Company Act for information in a
volunteer's XBRL-Related Documents that complies with the content and
format requirements of Rule 401, to the extent that the information in
the corresponding portion of the official EDGAR filing was not
materially false or misleading.\97\
---------------------------------------------------------------------------

\97\ XBRL-Related Documents that do not meet the requirements
for the relief provided by Rule 402(b) still would receive the
relief provided by Rule 402(a). In adopting Rule 402(a) we changed
our proposal to remove references to liability relief under the
Securities Act, Public Utility Holding Company Act and Trust
Indenture Act because XBRL-Related Documents cannot be submitted
under those Acts. We maintained these references in Rule 402(b),
however, because, unlike Rule 402(a), Rule 402(b)'s protections are
not tied to filing status.
---------------------------------------------------------------------------

Rule 402(b) also provides additional relief from liability to
volunteers that fail to comply with the content and format requirements
of Rule 401 if:
The volunteer has made a good faith and reasonable attempt
to comply with the content and format requirements,
As soon as reasonably practicable after the volunteer
becomes aware that the information in the XBRL-Related Documents does
not comply with the content and format requirements, the volunteer
amends the XBRL-Related Documents to correct the problem, and
The information in the corresponding official EDGAR filing
was not materially false or misleading.
As discussed earlier, several commenters asked us to clarify the
reference in proposed Rule 402(b) to presenting information in the
XBRL-Related Documents that ``reflects the same information as appears
in the corresponding portion of the official version of the filing to
which they relate.'' \98\ Accordingly, Rule 402(b), as adopted,
clarifies the reference by specifying that the information must comply
with the content and format requirements of Rule 401.
---------------------------------------------------------------------------

\98\ See, for example, the letters from AICPA, D&T, NYSBA and
PWC.
---------------------------------------------------------------------------

One commenter asserted that proposed Rule 402(b) established a
``negligence'' standard and suggested that we establish an ``actual
knowledge'' standard instead. We have decided to adopt the standard as
proposed. A volunteer that fails to satisfy Rule 402(b) still may rely
on the liability protections of Rule 402(a). In addition, the
Commission has provided similar protections to those in Rule 402 in
other appropriate circumstances and it appears that these protections
are workable for filers in those circumstances.\99\
---------------------------------------------------------------------------

\99\ See, for example, General Instruction B.2 of Form 8-K
(``The information in a report furnished pursuant to Item 2.02
(Results of Operations and Financial Condition) or Item 7.01
(Regulation FD Disclosure) shall not be deemed to be `filed' for
purposes of Section 18 of the Exchange Act or otherwise subject to
the liabilities of that section unless the registrant specifically
states that the information is to be considered `filed' under the
Exchange Act or incorporates it by reference into a filing under the
Securities Act or Exchange Act.'').
---------------------------------------------------------------------------

Finally, for purposes of the voluntary program, new paragraph (f)
of Rules 13a-14 and 15d-14 under the Exchange Act and new paragraph (d)
of Rule 30a-2 under the Investment Company Act provide that XBRL-
Related Documents are not subject to the certification requirements of
these rules.\100\
---------------------------------------------------------------------------

\100\ As a result of recently adopted rule revisions, we are
adopting new paragraph (f) rather than the proposed new paragraph
(h) of Rules 13a-14 and 15d-14. After we issued the Proposing
Release, we adopted amendments to Rules 13a-14 and 15d-14, effective
March 8, 2005, that, among other things, remove paragraphs (f) and
(g) of these rules. Consequently, in order to add a new last
paragraph to each of these rules, we add paragraph (f). See Release
No. 33-8518 (Dec. 22, 2004) [70 FR 1506].
---------------------------------------------------------------------------

One commenter voiced concern that investment companies would be
discouraged from participating in the voluntary program if they were
required to provide additional certifications when filing amendments
whose sole purpose was to submit XBRL-Related Documents attached as
exhibits.\101\ The commenter emphasized that the concern applied to
investment companies in particular because operating companies can file
a Form 8-K rather than an amendment to submit XBRL-Related Documents
after the corresponding official EDGAR filing has been filed. Rule 12b-
15 under the Exchange Act \102\ and Rule 8b-15 under the Investment
Company Act \103\ generally provide that any amendment to a filing that
required a certification must contain another certification. We clarify
that, consistent with the exclusion of XBRL-Related Documents from the
disclosure certification requirements discussed above, an amendment
whose sole purpose is to submit XBRL-Related Documents attached as
exhibits for the voluntary program is not subject to the certification
requirements of Rule 12b-15 under the Exchange Act and Rule 8b-15 under
the Investment Company Act.
---------------------------------------------------------------------------

\101\ See the letter from ICI.
\102\ 17 CFR 240.12b-15.
\103\ 17 CFR 270.8b-15.
---------------------------------------------------------------------------

Two of the items these certifications must address are internal
control over financial reporting and disclosure controls and
procedures.\104\ In this regard, several commenters asked us to clarify
that XBRL-Related Documents are not subject to the internal control
over financial reporting and disclosure controls and procedures
provisions \105\

[[Page 6563]]

that we have adopted after passage of the Sarbanes-Oxley Act.\106\ We
clarify that, for purposes of the voluntary program and consistent with
the exclusion of XBRL-Related Documents from the disclosure
certification requirements discussed above, XBRL-Related Documents are
not subject to any of the internal control over financial reporting
provisions adopted under Section 404 of the Sarbanes-Oxley Act or the
disclosure controls and procedures provisions.\107\
---------------------------------------------------------------------------

\104\ See, for example, Item 601(b)(31)(i) of Regulation S-K [17
CFR 229.601(b)(31)(i)].
\105\ See Exchange Act Rule 13a-15(e) and Investment Company Act
Rule 30a-3(c) (defining ``disclosure controls and procedures'') and
Exchange Act Rule 13a-15(f) and Investment Company Act Rule 30a-3(d)
(defining ``internal control over financial reporting'') [17 CFR
240.13a-15(e), 270.30a-3(c), 240.13a-15(f) and 270.30a-3(d)].
\106\ See, for example, the letters from E&Y (addressing
internal control over financial reporting) and NYSBA (addressing
internal control over financial reporting and disclosure controls
and procedures).
\107\ Section 404 and the rules we have adopted under that
section do not apply to registered management investment companies.
---------------------------------------------------------------------------

III. Paperwork Reduction Act

The new and amended rules contain ``collection of information''
requirements within the meaning of the Paperwork Reduction Act of 1995
(``PRA'').\108\ We published a notice requesting comment on the
collection of information requirements in the Proposing Release, and
submitted a request to the Office of Management and Budget (``OMB'')
for review in accordance with the PRA.\109\ OMB approved the request on
a pilot basis. An agency may not conduct or sponsor, and a person is
not required to respond to, an information collection unless it
displays a currently valid OMB control number.
---------------------------------------------------------------------------

\108\ 44 U.S.C. 3501 et seq.
\109\ 44 U.S.C. 3507(d) and 5 CFR 1320.11.
---------------------------------------------------------------------------

The title of the new collection of information is ``Voluntary XBRL-
Related Documents'' (OMB Control No. 3235-0611). This collection of
information stems from already existing regulations and forms adopted
under the Exchange Act and Investment Company Act that set forth
financial disclosure requirements for annual and periodic reports as
well as current reports.\110\ The new and amended rules will allow
registrants to furnish specified financial information in XBRL-Related
Documents as exhibits to their current or periodic reports filed on
EDGAR. The specified financial information already is required under
existing periodic and annual report requirements, but will be tagged
using XBRL. During the voluntary program, registrants will continue to
include this information in ASCII or HTML format in their official
EDGAR filings, but also will furnish the XBRL tagged data as exhibits
to these filings. The XBRL-Related Documents will consist of an
instance document, a schema file,\111\ and linkbase files.\112\
Submission of XBRL-Related Documents will be voluntary and the
information submitted will not be kept confidential.
---------------------------------------------------------------------------

\110\ The proposed voluntary program allows for XBRL-Related
Documents to be furnished in connection with Exchange Act
registration through Forms 10, 10-SB and 20-F. We expect, however,
that volunteers for the program will already be subject to Exchange
Act reporting requirements and, as a result, do not include an
analysis relating to Forms 10 and 10-SB or, to the extent it can be
used to for Exchange Act registration, Form 20-F.
\111\ The XBRL data file that a participant creates can adhere
to either a standard taxonomy or a standard taxonomy with
extensions. Extensions to the standard taxonomy further refine the
data contained in the standard taxonomy so that the XBRL data can
present the information in the corresponding official EDGAR filing.
Such extensions would be included in a schema file. For additional
detail regarding schema files, see Section II.C.2 of the Proposing
Release.
\112\ Linkbase files, in general, manage references, labels and
relationships for an instance document. For additional detail
regarding linkbase files, see Section II.C.3 of the Proposing
Release.
---------------------------------------------------------------------------

We estimate for PRA purposes that each of 80 participants will
submit four sets of XBRL-Related Documents per year that will result in
an internal preparation burden of 60 hours per year and an external
cost of $6,333 per year.\113\ We base this estimate on discussions
regarding XBRL and data tagging in general.\114\
---------------------------------------------------------------------------

\113\ In our initial PRA request, our external cost estimate of
$6,000 focused on the cost of professionals and consultants. It is
our understanding that many participants will also have annual
software licensing costs. From further discussions with software
providers and others familiar with XBRL, we estimate that the cost
of licensing software will range from $200 to $3,000 each year, with
the majority of companies licensing less complex XBRL software in
the $200 to $500 range. We also understand from these discussions
that software providers have indicated that they intend to provide
these products for free in the initial stages of the voluntary
program. In order to determine a price estimate, we base our
software cost estimate at $500, which is the highest cost for the
simpler XBRL software license. We have further assumed that the
first year license fee will be waived. Because the PRA estimates
represent the average burden over a three-year period, we estimate
the average burden for software license costs to be $333 per year.
\114\ See Proposing Release Section VII.A.1 for a further
description of our PRA estimate. We note that we expect 80
participants per year. The calculations presented in the description
in the Proposing Release based on the expected number of
participants per year were based on 80 participants a year.
---------------------------------------------------------------------------

Two commenters responded to our request for comments on the
PRA.\115\ Neither commenter addressed specifically our actual
estimates.
---------------------------------------------------------------------------

\115\ See the letters from AICPA and PWC.
---------------------------------------------------------------------------

One commenter stated that our cost estimates are based on current
manual processes, ignore costs to those other than preparers and do not
address the cost savings the commenter expects will accrue in
connection with preparation, distribution and analysis of financial
information over time as XBRL and the process efficiencies it enables
take hold. As to non-preparer costs, the commenter asserted that public
accounting firms will need to invest in training and skill development
to enable them to provide the assurance on XBRL data that the public
ultimately will expect.\116\ These comments do not raise issues for our
PRA estimates because our estimates are based on registrant costs.
---------------------------------------------------------------------------

\116\ See the letter from AICPA.
---------------------------------------------------------------------------

Similarly, the other commenter asserted that our cost estimates
fall short because they are based on the need of most registrants to
automate what are today almost entirely manual reporting processes,
take into account the cost to prepare but not consume information and
omit anticipated cost savings over time as adoption of XBRL spreads to
more internal and external processes of information exchange.\117\
---------------------------------------------------------------------------

\117\ See the letter from PWC.
---------------------------------------------------------------------------

We note that for PRA purposes we estimate the average yearly cost
to a registrant that participates in the voluntary program over a
three-year period.\118\ Consequently, our estimates are intended to
reflect both initial cost and on-going cost over a three-year period.
In calculating these costs, we have tried to take into account, among
other things, the current state of reporting process automation,
automation that likely would be introduced in connection with the
initial cost incurred and the efficiencies that likely would be
realized over the course of three years.
---------------------------------------------------------------------------

\118\ While the PRA requires an estimate based on a hypothetical
three years of participation, as noted earlier, a registrant could
participate in the voluntary program by submitting XBRL data over a
shorter period or even just once as the registrant chooses.
---------------------------------------------------------------------------

As reflected throughout this release, we also received comments,
not specifically in response to the PRA, directed at the substance of
the new and amended rules. As previously discussed, we have revised the
proposals in response to these comments. As noted earlier, we are
adding to proposed Rule 401 requirements to label XBRL data as
``unaudited'' or ``unreviewed,'' provide cautionary language concerning
reliance on XBRL-Related Documents and, in some cases, reference the
official filing from which XBRL data was derived. In this regard, we
note the revision to proposed Rule 401 to make it optional, rather than
required, to tag financial statement footnotes would reduce the
burden.\119\ Therefore, on balance, we do not change our estimates.
---------------------------------------------------------------------------

\119\ See Proposing Release, Part VII for a description of, and
the burden estimates for, the voluntary program. We note that we
expect 80 participants per year. The calculations presented in the
description based on the expected number of participants per year
were based on 80 participants a year.

---------------------------------------------------------------------------

[[Page 6564]]

Compliance with the amendments is mandatory for those who wish to
participate in the voluntary program. There is no retention period for
the information disclosed.

IV. Cost-Benefit Analysis

The adopted voluntary program reflects our desire to increase
EDGAR's efficiency and utility. The tagging of financial and other
information submitted to us through EDGAR has the potential to improve
the analysis of that information. In order to evaluate data tagging, we
are allowing registrants to furnish XBRL-Related Documents as exhibits
to their official EDGAR filings.

A. Benefits

We believe that tagged financial information may allow more
efficient and effective retrieval, research and analysis of financial
information through automated means. The adopted voluntary program will
assist us in assessing whether using XBRL tagged financial information
enhances the analysis of financial information included in Commission
filings. The voluntary program also will facilitate our ability to
assess the technical requirements of processing XBRL-Related Documents
using EDGAR.
Today, a number of companies use the financial information provided
on EDGAR to create databases of tagged information that they resell to
users of the information. Allowing registrants to tag their own
financial data has the potential to reduce third party participation in
the tagging process and may reduce the cost of access to tagged
information. Data tagging by registrants may make the tagging process
more accurate. Additionally, the voluntary program may benefit
registrants and the public by permitting experimentation with data
tagged using XBRL. In the future, increased availability of accurate,
tagged financial information could reduce the cost of research and
analysis and create new opportunities for companies that compile,
provide and analyze data to provide more value added services. Enhanced
access to tagged information has the potential to increase analyst
coverage and investor interest in a registrant's securities, which
could increase liquidity in the market and lower the cost of capital.
These benefits, however, are difficult to quantify and may only be
realized if a significant number of registrants provide data in XBRL
format. Many of the commenters cited one or more of these or related
potential benefits.
As to related benefits, commenters stated, among other things,
that:
XBRL will lower the cost of producing information through
automation;\120\
---------------------------------------------------------------------------

\120\ See the letters from AICPA and PWC.
---------------------------------------------------------------------------

XBRL will free resources from manual reporting to do work
that adds value to the business;\121\
---------------------------------------------------------------------------

\121\ See the letter from PWC.
---------------------------------------------------------------------------

XBRL-tagged data will motivate registrants to provide
comparable information;\122\
---------------------------------------------------------------------------

\122\ See the letters from AAA, D&T (market demand will
encourage registrants to adopt financial reporting practices that
increase comparability) and Spredgar (XBRL would produce comparable
data across companies).
---------------------------------------------------------------------------

Registrants that use XBRL internally will have improved
internal reporting processes;\123\ and
---------------------------------------------------------------------------

\123\ See the letters from AAA, Bus Wire and IMA (creation of
financial data in an XML-based language will prepare the registrant
to re-use the data for internal reporting activities that might help
the registrant improve its internal controls).
---------------------------------------------------------------------------

Tagged data may assist auditors.\124\
---------------------------------------------------------------------------

\124\ See the letter from D&T (tagged data allows auditors to do
better risk assessment and analytics and may allow systematic
identification of unusual transactions the net result of which may
be a more effective and efficient audit process).
---------------------------------------------------------------------------

One commenter asserted that, in order to realize the benefit of
enhanced financial analysis, XBRL must be revised by:
Restructuring the taxonomies to break down items into a
more hierarchical format without alternative classification locations
that can lead to non-comparable data;
Enabling end-users to validate and read the level of
adherence to the standard industrial taxonomies without high-level XBRL
processing; and
Eliminating duplicate elements in the standard industrial
taxonomies so end users can map to a spreadsheet template or EDGAR web
site/style sheet without complex programming code.\125\
Another commenter stated that the Commission should be able to
assess more effectively whether the benefits of full-scale
implementation justify the costs by taking steps in the initial
implementation of XBRL to assess:
---------------------------------------------------------------------------

\125\ See the letters from Linder and NYSSA (supports these
changes).
---------------------------------------------------------------------------

How XBRL is being used by investors and analysts;
Whether the structure of the XBRL specification
facilitates broad-based use by sophisticated users and third-party
software developers; and
Whether adequate safeguards are in place to ensure that
the data is prepared and disseminated correctly.\126\
We acknowledge these commenters' concerns and suggestions. We plan
to monitor the voluntary program accordingly.

B. Costs

The voluntary program will lead to some additional costs for
registrants choosing to furnish XBRL-Related Documents as exhibits to
their periodic and current reports. Some companies may already tag
their financial information using XBRL, in which case the additional
cost of submitting XBRL-Related Documents will be minimal. The
proposals do not dictate that companies follow any particular
procedure; however, some participants may choose to acquire additional
software or hire consultants to assist them with data tagging. Based on
discussions with software providers and others familiar with XBRL, we
estimate that between 60 and 100 registrants will participate in the
voluntary program at an annual cost per registrant based on our PRA
estimates.\127\ Based on the foregoing discussion, we estimate the
aggregate cost to registrants that choose to participate in the
voluntary program will be between $1,009,980 and $1,683,300 in the
first year.\128\
---------------------------------------------------------------------------

\126\ See the letter from NYSSA.
\127\ To determine the annual cost, assuming 80 registrants will
participate, we estimate that the incremental burden would result in
4800 internal burden hours and $506,640 in external costs including
$26,640 in software licensing costs. Assuming a cost of $175 per
hour for in-house professional staff, the total cost associated with
internal burden hours would be $840,000. Consequently, the PRA cost
estimate is $1,346,640 or $16,833 per registrant. Proposing Release
note 87 inadvertently overestimated the number of internal burden
hours and, as a result, also overestimated the total in-house
professional staff cost and the aggregate cost estimate on both per
registrant and gross bases.
\128\ Based on discussions with software providers and others
familiar with XBRL, we believe that our initial estimate of software
costs at $3,000 per registrant is not an accurate assumption of the
average cost to participants. We currently understand that annual
software licensing costs will likely range between $200 and $3,000
and that a number of software providers intend to provide XBRL
software free in the initial stages of the program. We have revised
our PRA estimates to account for software licensing costs and no
longer treat them separately in the cost-benefit analysis. The
figures in this release correct the estimates provided in the
Proposing Release.
---------------------------------------------------------------------------

Due to the recent development of the technology, we have had
limited data to quantify the cost of implementing data tagging using
XBRL. Further, methods of tagging data may vary considerably, making
accurate cost estimates difficult. In the future, there may be
additional costs to participants in the EDGAR data stream, including
lower demand for data tagging and data dissemination. The availability
of registrant tagged data, however, may provide these

[[Page 6565]]

participants with alternative business opportunities.\129\
---------------------------------------------------------------------------

\129\ For example, an entity that traditionally has focused on
data dissemination might be able to re-direct its data processing
abilities to perform and sell analyses of registrant-tagged data.
---------------------------------------------------------------------------

In the Proposing Release, we sought comments and supporting data on
our estimates. We received no comments specifically on the estimates we
provided in our cost-benefit discussion.\130\ Three commenters
expressly cited software and personnel costs as we did in the Proposing
Release.\131\ Some commenters cited other specific types of costs.
---------------------------------------------------------------------------

\130\ We note, however, the estimates we provided in our cost-
benefit discussion were based on our PRA estimates that two
commenters questioned as previously discussed in Section III.
\131\ See the letters from AAA, D&T and IMA.
---------------------------------------------------------------------------

For example, two commenters suggested that the initial cost of
participating in the voluntary program would be significant.\132\ Two
commenters suggested that costs would go down over time,\133\ while one
commenter stated that the costs would remain significant.\134\
---------------------------------------------------------------------------

\132\ See the letters from D&T and NYSSA. One commenter stated
that it believed the assumed investment in training and workload to
produce the first filing has been underestimated. See the letter
from Grant Thornton.
\133\ See the letters from D&T and PWC. Another commenter
addressing costs over time stated that the cost of capital will be
reduced in relation to improved transparency and timeliness and this
reduction would more than offset the costs of XBRL if XBRL's
potential benefits were realized. See the letter from AAA.
\134\ See the letter from NYSSA.
---------------------------------------------------------------------------

Two commenters emphasized that XBRL is complex. One commenter
asserted that its complexity has the potential to cause errors in both
preparation and dissemination of financial data.\135\ The other
commenter stated that the XBRL specification, though openly disclosed,
is so complex that it virtually requires use of specialized software
tools to create, access and validate data and, as a result increases
costs, reduces transparency, raises the potential for erroneous data
use, unduly complicates the analytical process, restricts analytical
creativity and violates the easy equal access nature of EDGAR.\136\
---------------------------------------------------------------------------

\135\ See the letter from NYSSA.
\136\ See the letters from Linder and NYSSA (some of its members
are concerned that XBRL is so complex that it would be difficult and
costly for even sophisticated users to create applications). Another
commenter stated, however, that unless taxonomies are a good fit
with companies' reporting practices, there will be a potential loss
of data that would force the capital markets to process two sets of
data with a negative effect on trust that increases relational risk
and, consequently, the cost of capital. See the letter from AAA.
---------------------------------------------------------------------------

One commenter suggested that registrants that participate in the
voluntary program at the outset may face a costly reworking of their
XBRL implementation as methods and procedures are refined and, to
minimize this, the Commission could encourage experimentation but
should oversee full implementation of XBRL by a small subset of
registrants to make any appropriate adjustments before broad
implementation.\137\
---------------------------------------------------------------------------

\137\ See the letter from NYSSA.
---------------------------------------------------------------------------

We intend to monitor the voluntary program as to complexity,
ongoing adjustments and other matters.

V. Final Regulatory Flexibility Analysis

We prepared this Final Regulatory Flexibility Analysis (``FRFA''),
in accordance with the Regulatory Flexibility Act.\138\ This FRFA
relates to amendments we are adopting that allow registrants, on a
voluntary basis, to tag financial information in specified filings
using XBRL. The amendments set forth the method by which a registrant
participating in the voluntary program may furnish XBRL-Related
Documents as an exhibit to its official EDGAR filing.
---------------------------------------------------------------------------

\138\ 5 U.S.C. 603.
---------------------------------------------------------------------------

A. Reasons for, and Objectives of, the Amendments

The purpose of the amendments is to further our ability to assess
the feasibility and desirability of using tagged data on a more
widespread basis in EDGAR filings. We believe the program to accept
XBRL-Related Documents through EDGAR on a voluntary basis will better
enable us to study the extent to which XBRL enhances the comparability
of that data, its usefulness for financial analysis, and our staff's
ability to review and assess filings. In addition, the voluntary
program will help us assess the effect of XBRL data tagging on the
quality and transparency of financial information as well as the
compatibility of XBRL data tagging with the Commission's financial
reporting requirements.

B. Significant Issues Raised by Public Comment

The Initial Regulatory Flexibility Act Analysis (``IRFA'') appeared
in the Proposing Release. We requested comment on any aspect of the
IRFA, including the number of small entities that would be affected by
the proposals, the nature of the impact, and how to quantify the impact
of the proposals.
Two commenters specifically responded to our request.\139\ Both
commenters stated that:
---------------------------------------------------------------------------

\139\ See letters from AICPA and PWC.
---------------------------------------------------------------------------

It is difficult to quantify the impact of the proposed
rules on small entities;
The impact will include the initial investment for first-
time creation of an instance document followed by more efficient
creation of subsequent instance documents;
Small entities that participate will benefit from greater
market visibility due to the ability of analysts to incorporate their
results quickly into their analysis; and
Additional exemptions should not be required during the
early stages of the voluntary program and the extension of the program
throughout calendar 2005 will enable more small entities to participate
after their initial reporting under the Sarbanes-Oxley requirements.
One of the commenters asserted that many small entities may choose
to defer participation until system developers provide the ability to
create XBRL documents as a standard output option, thereby making the
process much easier and cheaper.\140\ Similarly, the other commenter
stated that it expected small entities, having documented their
reporting processes and controls, to automate their systems and in
doing so implement XBRL-enabled streamlining of their reporting.\141\
---------------------------------------------------------------------------

\140\ See the letter from AICPA.
\141\ See the letter from PWC.
---------------------------------------------------------------------------

C. Small Entities Subject to the Amendments

The voluntary program may have an impact on three broad categories
of small entities: all filers; participants in the voluntary program;
and non-filers that interact with EDGAR. Filers include operating
companies and investment companies. Under Exchange Act Rule 0-10, for
purposes of the Regulatory Flexibility Act, an issuer, other than an
investment company, that on the last day of its most recent fiscal
year, has total assets of $5 million or less is a ``small business'' or
``small organization.'' \142\ We estimate there are approximately 2500
small operating company issuers. Under Rule 0-10 under the Investment
Company Act, an investment company is a small entity if it, together
with other investment companies in the same group of related investment
companies, has net assets of $50 million or less as of the end of its
most recent fiscal year.\143\ We estimate that there are approximately
186 investment companies that file reports on Forms N-CSR and N-Q that
meet this definition. These and other filers may be affected by any
change to the EDGAR system.
---------------------------------------------------------------------------

\142\ 17 CFR 240.0-10.
\143\ 17 CFR 270.0-10.
---------------------------------------------------------------------------

A small subset of these operating and investment company issuers
may voluntarily participate in the program;

[[Page 6566]]

however, we estimate that number will be very low.
Finally, the dissemination of XBRL data may have an impact on those
entities that interact with the EDGAR data stream. We are aware that
entities have developed certain products and services based on data in
EDGAR; many entities disseminate, re-package, analyze and sell the
information. The Commission does not regulate all these entities and
therefore it is currently not feasible to accurately estimate the
number or size of these potentially affected entities. We sought
comment on the number of small entities that would be impacted by the
proposal and did not receive any additional information that would
allow us to accurately estimate the number or size of these potentially
affected entities.

D. Projected Reporting, Recordkeeping, and Other Compliance
Requirements

The voluntary program is an experiment to determine the feasibility
of using XBRL on a broader basis. Therefore, the cost of participating,
the burden on the EDGAR system and the possible effect on those
entities that use the EDGAR data stream are somewhat speculative at
this point.
As the amendments relate to a voluntary filing program, no
registrant is required to file XBRL-Related Documents. If a voluntary
participant already uses XBRL to tag data, it may incur minimal
additional cost to participate. Other participants who wish to
volunteer may have to purchase software or retain a consultant to
assist in tagging data. The inclusion of XBRL-Related Documents on
EDGAR may also have effects on other filers, including small entities,
who use the system.
The voluntary program may have some effect on any entity that
interacts with the data dissemination stream. Allowing filers to submit
information in XBRL, even voluntarily, may have an impact on entities
providing EDGAR-based services and products. The limited, voluntary
nature of the program will help the Commission assess the impact, if
any, on these entities.

E. Agency Action To Minimize Effect on Small Entities

The Regulatory Flexibility Act directs us to consider significant
alternatives that would accomplish the stated objective, while
minimizing any significant adverse impact on small entities. The
purpose of the proposals is to further our ability to assess the
feasibility and desirability of using tagged data on a more widespread
basis. Provision of the XBRL-Related Documents is voluntary. We have
considered different or simpler requirements for small entities. For
tagged data to provide benefits such as ready comparability, however,
the data tagging system cannot have alternative requirements.
Similarly, in order to achieve the benefits of data tagging, use of a
single data tagging technology is necessary. If we determine to require
data tagging in the future, we will look to the results of the
voluntary program to find alternatives to minimize any burden on small
entities. Two commenters stated that additional exemptions should not
be required for small entities during the early stages of the voluntary
program.\144\
---------------------------------------------------------------------------

\144\ See the letters from AICPA and PWC.
---------------------------------------------------------------------------

VI. Consideration of Impact on the Economy, Burden on Competition and
Promotion of Efficiency, Competition, and Capital Formation

Section 23(a)(2) of the Exchange Act \145\ requires us, when
adopting rules under the Exchange Act, to consider the impact that any
new rule would have on competition. In addition, Section 23(a)(2)
prohibits us from adopting any rule that would impose a burden on
competition not necessary or appropriate in furtherance of the purposes
of the Exchange Act. Furthermore, Section 2(b) \146\ of the Securities
Act, Section 3(f) \147\ of the Exchange Act, and Section 2(c) \148\ of
the Investment Company Act require us, when engaging in rulemaking
where we are required to consider or determine whether an action is
necessary or appropriate in the public interest, to consider, in
addition to the protection of investors, whether the action will
promote efficiency, competition, and capital formation.
---------------------------------------------------------------------------

\145\ 15 U.S.C. 78w(a)(2).
\146\ 15 U.S.C. 77b(b).
\147\ 15 U.S.C. 78c(f).
\148\ 15 U.S.C. 80a-2(c).
---------------------------------------------------------------------------

In the Proposing Release, we considered the amendments in light of
the standards set forth in the above statutory sections. We requested
comment on whether the proposals, if adopted, would promote efficiency,
competition and capital formation or have an impact or burden on
competition. We also requested commenters to provide empirical data and
other factual support for their views if possible. No commenter
addressed anti-competitive effects.\149\ Some commenters addressed
efficiency and capital formation which we considered and addressed in
the cost-benefit section.
The adopted amendments seek to implement a voluntary program and
are intended to help us evaluate the usefulness to registrants,
investors and the Commission of data tagging in general, and XBRL in
particular. We believe that the amendments will promote efficiency
because tagged data may allow more efficient and effective retrieval,
research and analysis of financial information through automated means.
Because the program is voluntary and the amendments are designed to
permit filers to provide information in a format that we believe has
the potential to be more useful to investors, we believe the amendments
do not impose any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Exchange Act.
---------------------------------------------------------------------------

\149\ We discuss efficiency-related issues in Section IV.
---------------------------------------------------------------------------

VII. Statutory Basis and Text of Amendments

We are adopting the amendments outlined above under Sections 19(a)
and 28 of the Securities Act, Sections 3, 12, 13, 14, 15(d), 23(a), 35A
and 36 of the Exchange Act, Section 20(a) of the Public Utility Holding
Company Act, Section 319(a) of the Trust Indenture Act, Sections 8, 30
and 38 of the Investment Company Act and Section 3(a) of the Sarbanes-
Oxley Act.

List of Subjects in 17 CFR Parts 228, 229, 232, 240, 249 and 270

Reporting and recordkeeping requirements, Securities.

0
For the reasons set forth above, we amend title 17, Chapter II of the
Code of Federal Regulations as follows:

PART 228--INTEGRATED DISCLOSURE SYSTEM FOR SMALL BUSINESS ISSUERS

0
1. The authority citation for Part 228 continues to read in part as
follows:

Authority: 15 U.S.C. 77e, 77f, 77g, 77h, 77j, 77k, 77s, 77z-2,
77z-3, 77aa(25), 77aa(26), 77ddd, 77eee, 77ggg, 77hhh, 77jjj, 77nnn,
77sss, 78l, 78m, 78n, 78o, 78u-5, 78w, 78ll, 78mm, 80a-8, 80a-29,
80a-30, 80a-37, 80b-11, and 7201 et seq.; and 18 U.S.C. 1350.
* * * * *

0
2. Amend Sec. 228.601 by:
0
a. Revising the exhibit table; and
0
b. Adding paragraph (b)(100).
The revision and addition read as follows.

Sec. 228.601 (Item 601) Exhibits.

(a) * * *

[[Page 6567]]

Exhibit Table

BILLING CODE 4310-05-P
[GRAPHIC] [TIFF OMITTED] TR08FE05.003

[[Page 6568]]

[GRAPHIC] [TIFF OMITTED] TR08FE05.004

(b) * * *
(100) XBRL-Related Documents. An electronic filer that participates
in the voluntary XBRL (eXtensible Business Reporting Language) program
may submit XBRL-Related Documents (Sec. 232.11 of this chapter) in
electronic format as an exhibit to: the filing to which they relate; an
amendment to such filing; or a Form 8-K (Sec. 249.308 of this chapter)
that references such filing, if the Form 8-K is submitted no earlier
than the date of that filing.

PART 229--STANDARD INSTRUCTIONS FOR FILING FORMS UNDER SECURITIES
ACT OF 1933, SECURITIES EXCHANGE ACT OF 1934 AND ENERGY POLICY AND
CONSERVATION ACT OF 1975--REGULATION S-K

0
3. The authority citation for Part 229 continues to read in part as
follows:

Authority: 15 U.S.C. 77e, 77f, 77g, 77h, 77j, 77k, 77s, 77z-2,
77z-3, 77aa(25), 77aa(26), 77ddd, 77eee, 77ggg, 77hhh, 77iii, 77jjj,
77nnn, 77sss, 78c, 78i, 78j, 78l, 78m, 78n, 78o, 78u-5, 78w, 78ll,
78mm, 79e, 79j, 79n, 79t, 80a-8, 80a-9, 80a-20, 80a-29, 80a-30, 80a-
31(c), 80a-37, 80a-38(a), 80a-39, 80b-11, and 7201 et seq.; and 18
U.S.C. 1350, unless otherwise noted.
* * * * *

0
4. Amend Sec. 229.601 by:
0
a. Revising the exhibit table; and
0
b. Adding paragraph (b)(100).
The revision and addition read as follows:

Sec. 229.601 (Item 601) Exhibits.

(a) * * *

Exhibit Table

Instructions to the Exhibit Table

* * * * *

[[Page 6569]]

[GRAPHIC] [TIFF OMITTED] TR08FE05.005

[[Page 6570]]

[GRAPHIC] [TIFF OMITTED] TR08FE05.006

BILLING CODE 8010-01-C

[[Page 6571]]

PART 232--REGULATION S-T--GENERAL RULES AND REGULATIONS FOR
ELECTRONIC FILINGS

0
5. The authority citation for Part 232 continues to read as follows:

Authority: 15 U.S.C. 77f, 77g, 77h, 77j, 77s(a), 77sss(a),
78c(b), 78l, 78m, 78n, 78o(d), 78w(a), 78ll(d), 79t(a), 80a-8, 80a-
29, 80a-30, 80a-37, and 7201 et seq.; and 18 U.S.C. 1350.
* * * * *

0
6. Amend Sec. 232.11 by adding the following definition in
alphabetical order.

Sec. 232.11 Definition of terms used in part 232.

* * * * *
XBRL-Related Documents. The term XBRL-Related Documents means
documents related to presenting information in eXtensible Business
Reporting Language that are part of a voluntary submission in
electronic format in accordance with Sec. 232.401.

0
7. Amend Sec. 232.305 by revising paragraph (b) to read as follows:

Sec. 232.305 Number of characters per line; tabular and columnar
information.

* * * * *
(b) Paragraph (a) of this section does not apply to HTML documents
or XBRL-Related Documents (Sec. 232.11).

0
8. Amend Part 232 by adding an undesignated center heading and text to
Sec. Sec. 232.401 and 232.402 to read as follows:

XBRL-Related Documents

Sec. 232.401 XBRL-Related Document submissions.

(a) An electronic filer that participates in the voluntary XBRL
(eXtensible Business Reporting Language) program may submit XBRL-
Related Documents (Sec. 232.11) in electronic format as an exhibit to:
the filing to which they relate; an amendment to such filing; or, if
the electronic filer is eligible to file a Form 8-K (Sec. 249.308 of
this chapter) or a Form 6-K (Sec. 249.306 of this chapter), a Form 8-K
or a Form 6-K, as applicable, that references the filing to which the
XBRL-Related Documents relate if such Form 8-K or Form 6-K is submitted
no earlier than the date of that filing. The XBRL-Related Documents
must comply with the content and format requirements of this section,
be submitted as an exhibit to a form that contains the disclosure
required by this section and be submitted in accordance with the EDGAR
Filer Manual and, as applicable, one of Item 601(b)(100) of Regulation
S-K (Sec. 229.601(b)(100) of this chapter), Item 601(b)(100) of
Regulation S-B (Sec. 228.601(b)(100) of this chapter), Form 20-F
(Sec. 249.220f of this chapter), Form 6-K or Sec. 270.8b-33 of this
chapter.
(b) XBRL-Related Documents must consist of mandatory content and
may consist of optional content but only if the optional content
accompanies the mandatory content in the same submission.
(1) Mandatory content consists of a complete set of information for
all periods presented in the corresponding official EDGAR filing from
one or more of the following categories (as filed in the corresponding
official EDGAR filing):
(i) The complete set of financial statements (the only exceptions
are that notes to the financial statements and schedules related to the
financial statements may be omitted unless the electronic filer is a
registered management investment company in which case it must include
Schedule I--Investments in Securities of Unaffiliated Issuers (Sec.
210.12-12 of this chapter));
(ii) Earnings information set forth in Form 6-K or Items 2.02 or
8.01 of Form 8-K (whether contained in the body of the Form 6-K or Form
8-K or in an exhibit, and whether filed or furnished); or
(iii) Financial highlights or condensed financial information set
forth in Item 8(a) of Form N-1A (Sec. 239.15A and Sec. 274.11A of
this chapter), Item 4.1 of Form N-2 (Sec. 239.14 and Sec. 274.11a-1
of this chapter) or Item 4(a) of Form N-3 (Sec. 239.17a and Sec.
274.11b of this chapter), as applicable.
(2) Optional content can consist only of a complete set of
information that is:
(i) For all periods presented in the corresponding official EDGAR
filing;
(ii) Related to financial information in the corresponding official
EDGAR filing that is simultaneously submitted as mandatory content (as
specified in paragraph (b)(1) of this section); and
(iii) From one or more of the following categories (as filed in the
corresponding official EDGAR filing):
(A) Audit opinions (as specified by Rule 2-02 of Regulation S-X
(Sec. 210.2-02 of this chapter));
(B) Interim review reports (as specified by Rule 10-01(d) of
Regulation S-X (Sec. 210.10-01(d) of this chapter));
(C) Reports of management on the financial statements;
(D) Certifications;
(E) Management's discussion and analysis of financial condition and
results of operations (as specified by Item 303 of Regulation S-K
(Sec. 229.303 of this chapter));
(F) Management's discussion and analysis or plan of operation (as
specified by Item 303 of Regulation S-B (Sec. 228.303 of this
chapter));
(G) Operating and financial review and prospects (as specified by
Item 5 of Form 20-F); or
(H) Management's discussion of fund performance (as specified by
Item 22(b)(7) of Form N-1A).
(c) XBRL-Related Documents must appear in voluntary program format.
XBRL-Related Documents appear in voluntary program format if:
(1) Each data element (i.e., all text and all line item names and
associated values, dates and other labels) contained in the XBRL-
Related Documents reflects the same information in the corresponding
official EDGAR filing (i.e., the HTML or ASCII version);
(2) No data element contained in the corresponding official EDGAR
filing is changed, deleted or summarized in the XBRL-Related Documents;
(3) The XBRL-Related Documents correlate to the appropriate version
of a standard taxonomy, supplemented with extension taxonomies as
specified in the EDGAR Filer Manual (Sec. 232.11);
(4) Each data element contained in the XBRL-Related Documents is
matched with an appropriate tag in accordance with any applicable
taxonomy; and
(5) The XBRL-Related Documents contain any additional mark-up
related content (e.g., the XBRL tags themselves, identification of the
core XML documents used and other technology related content) not found
in the corresponding official EDGAR filing that are necessary to comply
with the EDGAR Filer Manual requirements.
(d) The filing with which XBRL-Related Documents are submitted as
an exhibit must contain the disclosures specified in paragraph (d)(1)
of this section in the location specified in paragraph (d)(2) of this
section.
(1) The filing must disclose:
(i) That the financial information contained in the XBRL-Related
Documents is ``unaudited'' or ``unreviewed,'' as applicable;
(ii) That the purpose of submitting the XBRL-Related Documents is
to test the related format and technology and, as a result, investors
should not rely on the

[[Page 6572]]

XBRL-Related Documents in making investment decisions; and
(iii) The identity of the corresponding official EDGAR filing (but
only if the filing is a Form 8-K or Form 6-K or an amendment to a Form
8-K or Form 6-K and a purpose of filing the form was to submit as an
exhibit XBRL-Related Documents that present information related to
financial information filed as part of a different form in the
corresponding official EDGAR filing).
(2) The disclosures required by paragraph (d)(1) of this section
must appear, as applicable, in:
(i) The exhibit index of a Form 10-K (Sec. 249.310 of this
chapter), 10-Q (Sec. 249.308a of this chapter), 10 (Sec. 249.210 of
this chapter), 10-SB (Sec. 249.210b of this chapter), 10-KSB (Sec.
249.310b of this chapter), 10-QSB (Sec. 249.308b of this chapter) or
20-F;
(ii) Item 2.02 or 8.01 of a Form 8-K; or
(iii) The body of a Form 6-K, N-CSR (Sec. 274.128 of this chapter)
or N-Q (Sec. 274.130 of this chapter).

Note to Sec. 232.401: Although XBRL-Related Documents are
required by this section to comply with content and format
requirements related to the corresponding official EDGAR filing, the
purpose of submitting the XBRL-Related Documents is to test the
related format and technology and, as a result, investors and others
should continue to rely on the official version of the filing and
not rely on the XBRL-Related Documents in making investment
decisions.

Sec. 232.402 Liability for XBRL-Related Documents.

(a) Not deemed filed for liability purposes. XBRL-Related
Documents, regardless of whether they are exhibits to a document
incorporated by reference into a filing:
(1) Are not deemed filed for purposes of section 18 of the Exchange
Act (15 U.S.C. 78r) or section 34(b) of the Investment Company Act (15
U.S.C. 80a-33(b)) or otherwise subject to the liabilities of these
sections;
(2) Are not deemed incorporated by reference;
(3) Are subject to all other liability and anti-fraud provisions of
these Acts; and
(4) Are deemed filed for purposes of Item 103 of Regulation S-T
(Sec. 232.103).
(b) Accurate reflection of underlying documents. An electronic
filer is not liable under the Securities Act, Exchange Act, Public
Utility Act, Trust Indenture Act or Investment Company Act for
information in its XBRL-Related Documents that complies with the
requirements of Item 401 of Regulation S-T (Sec. 232.401) to the
extent that such information was not materially false or misleading in
the corresponding official EDGAR filing. To the extent the information
in an electronic filer's XBRL-Related Documents does not comply with
the requirements of Item 401, the information in the XBRL-Related
Documents will be deemed to comply with Item 401 for purposes of this
paragraph if the electronic filer makes a good faith and reasonable
attempt to comply with Item 401 and, as soon as reasonably practicable
after the electronic filer becomes aware that the information in the
XBRL-Related Documents does not comply with Item 401, the electronic
filer amends the XBRL-Related Documents and, as a result, the
information complies with Item 401.

PART 240--GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF
1934

0
9. The authority citation for Part 240 continues to read in part as
follows:

Authority: 15 U.S.C. 77c, 77d, 77g, 77j, 77s, 77z-2, 77z-3,
77eee, 77ggg, 77nnn, 77sss, 77ttt, 78c, 78d, 78e, 78f, 78g, 78i,
78j, 78j-1, 78k, 78k-1, 78l, 78m, 78n, 78o, 78p, 78q, 78s, 78u-5,
78w, 78x, 78ll, 78mm, 79q, 79t, 80a-20, 80a-23, 80a-29, 80a-37, 80b-
3, 80b-4, 80b-11, and 7201 et seq.; and 18 U.S.C. 1350, unless
otherwise noted.
* * * * *

0
10. Amend Sec. 240.13a-14 by adding paragraph (f) to read as follows:

Sec. 240.13a-14 Certification of disclosure in annual and quarterly
reports.

* * * * *
(f) The certification requirements of this section do not apply to
XBRL-Related Documents, as defined in Sec. 232.11 of this chapter.
* * * * *

0
11. Amend Sec. 240.15d-14 by adding paragraph (f) to read as follows:

Sec. 240.15d-14 Certification of disclosure in annual and quarterly
reports.

* * * * *
(f) The certification requirements of this section do not apply to
XBRL-Related Documents, as defined in Sec. 232.11 of this chapter.
* * * * *

PART 249--FORMS, SECURITIES EXCHANGE ACT OF 1934

0
12. The authority citation for Part 249 continues to read in part as
follows:

Authority: 15 U.S.C. 78a et seq. and 7201 et seq.; and 18 U.S.C.
1350, unless otherwise noted.
* * * * *

0
13. Amend Form 20-F (referenced in (Sec. 249.220f) by reserving
paragraphs 16 through 99 and adding paragraph 100 at the end of
``Instructions as to Exhibits'' to read as follows:

Note: The text of Form 20-F does not and this amendment will not
appear in the Code of Federal Regulations.

FORM 20-F
* * * * *
INSTRUCTIONS AS TO EXHIBITS
* * * * *
16 through 99 [Reserved]
100. XBRL-Related Documents. XBRL-Related Documents (Sec.
232.11 of this chapter).
* * * * *

0
14. Amend Form 6-K (referenced in (Sec. 249.306) by adding paragraph
(5) to General Instruction C to read as follows:

Note: The text of Form 6-K does not and this amendment will not
appear in the Code of Federal Regulations.

Form 6-K
* * * * *
GENERAL INSTRUCTIONS
* * * * *
C. * * *
(5) XBRL-Related Documents. XBRL-Related Documents (Sec. 232.11
of this chapter) can be submitted if listed as exhibit 100.
* * * * *

PART 270--GENERAL RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF
1940

0
15. The authority citation for Part 270 continues to read in part as
follows:

Authority: 15 U.S.C. 80a-1 et seq., 80a-34(d), 80a-37, and 80a-
39, unless otherwise noted.
* * * * *

0
16. Revise Sec. 270.8b-1 to read as follows:

Sec. 270.8b-1 Scope of Sec. Sec. 270.8b-1 to 270.8b-33.

The rules contained in Sec. Sec. 270.8b-1 to 270.8b-33 shall
govern all registration statements pursuant to section 8 of the Act (15
U.S.C. 80a-8), including notifications of registration pursuant to
section 8(a), and all reports pursuant to section 30(a) or (b) of the
Act (15 U.S.C. 80a-29(a) or (b)), including all amendments to such
statements and reports, except that any provision in a form covering
the same subject matter as any such rule shall be controlling.

Sec. 270.8b-2 [Amended]

0
17. Amend Sec. 270.8b-2 by revising the phrase ``Sec. Sec. 270.8b-1
through 270.8b-32'' to read ``Sec. Sec. 270.8b-1 through 270.8b-33''
in the introductory text of the section.

0
18. Add Sec. 270.8b-33 to read as follows:

Sec. 270.8b-33 XBRL-Related Documents.

A registrant that participates in the voluntary XBRL (eXtensible
Business

[[Page 6573]]

Reporting Language) program may submit, in electronic format as an
exhibit to a filing on Form N-CSR (Sec. Sec. 249.331 and 274.128 of
this chapter) or Form N-Q (Sec. Sec. 249.332 and 274.130 of this
chapter) to which they relate, XBRL-Related Documents (Sec. 232.11 of
this chapter). A registrant that submits XBRL-Related Documents as an
exhibit to a form must name each XBRL-Related Document ``EX-100'' as
specified in the EDGAR Filer Manual and submit the XBRL-Related
Documents in such a manner that will permit the information for each
series of an investment company registrant and each contract of an
insurance company separate account to be separately identifiable. A
registrant may submit such exhibit with, or in an amendment to, the
filing to which it relates.

0
19. Amend Sec. 270.30a-2 by adding paragraph (d) to read as follows:

Sec. 270.30a-2 Certification of Forms N-CSR and N-Q.

* * * * *
(d) The certification requirements of this section do not apply to
XBRL-Related Documents, as defined in Sec. 232.11 of this chapter.

Dated: February 3, 2005.

By the Commission.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 05-2391 Filed 2-7-05; 8:45 am]
BILLING CODE 8010-01-P