SEC gets technology makeover

The SEC is joining the 21st Century by phasing in electronic software that will allow investors easier access
Written by Rachael Singh
Accountancy Age, 20 Aug 2008
The Securities and Exchange Commission is to give its 1980's database the push by upgrading its technology to IDEA.
Short for Interactive Data Electronic Applications the new software will allow investors faster and easier access to financial information regarding public companies and mutual funds.
The new technology replaces the SEC's current system EDGAR, which was launched when the markets only used paper, and will mark the SEC's transition from collecting forms to an information provider. Investors will be able to receive more up-to-date financial disclosure in a form they can use.
SEC chairman Christopher Cox said that IDEA will ensure that the SEC continues to stay ahead of the needs of investors.
'This new SEC resource powered by interactive data will give investors far faster, more accurate, and more meaningful information about the companies and mutual funds they own. IDEA’s launch represents a fundamental change in the way the SEC collects and publishes company and fund information – and in the way that investors will be able to use it,' Cox added.
Currently investors that wish to retrieve information from the SEC must sift through one form at a time, re-keying the information they need into their own format. With IDEA, investors will be able to collate information from thousands of companies and forms instantly, creating reports and analysis in any format they need.
Companies’ interactive data filings are expected to be available through IDEA beginning late this year.