The US Securities and Exchange Commission announced on Tuesday that more firms have agreed to participate in the regulator's interactive data pilot program.
According to the SEC, the firms in question are Automatic Data Processing, Inc., Ford Motor Company, Ford Motor Credit Company, and Radyne Corporation.
The Commission is giving companies participating in the scheme expedited reviews of their SEC registration statements and annual reports.
The SEC is encouraging more electronic report filing because it says that the promise of transforming the static, text-only documents companies furnish with the SEC into dynamic financial reports that can be quickly and easily accessed and analyzed by millions will improve transparency for all levels of investors.
Interactive data permits individual investors and analysts to quickly search for individual items of information from financial reports, such as net income, executive compensation, or mutual fund expenses. It also enables them to download selected information directly into financial software. In the near future, it is hoped that popular internet applications will permit automatic, real-time delivery of SEC financial data direct to investors' desktops.
SEC Chairman Christopher Cox observed that:
"As the number of companies voluntarily submitting interactive data continues to grow, it's obviously becoming clear that making information available to investors in a more useful way is also cost effective."
The announcement of the latest participants in the interactive data test group comes hot on the heels of the Commission's first in a series of roundtable discussions on interactive data, held on June 12th. At that event, industry leaders representing analysts, individual investors and preparers of information discussed how interactive data could be used to improve the investment decision making process and expand the reach of analyst coverage.
The current list of companies that have committed to furnish their financial information with the SEC using interactive data now includes:
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