Roundtable on Modernizing the SEC's Disclosure System, 57167-57169 [E8-23105]

Download as PDF Federal Register / Vol. 73, No. 191 / Wednesday, October 1, 2008 / Notices (‘‘NYSE Arca’’), the Philadelphia Stock Exchange, Inc. (‘‘Phlx’’), and the Options Clearing Corporation (‘‘OCC’’) respectively, filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to section 11A of the Securities Exchange Act 1 of 1934 (‘‘Act’’) and Rule 608 thereunder,2 Amendment No. 2 to the Plan for the Purpose of Developing and Implementing Procedures Designed to Facilitate the Listing and Trading of Standardized Options (‘‘the Options Listing Procedures Plan’’ or ‘‘OLPP’’).3 Amendment No. 2 would provide a uniform minimum volume threshold per underlying class to qualify for the introduction of a new expiration year of Long-term Equity AnticiPation securities (‘‘LEAP’’ or ‘‘LEAPS’’) options. On August 19, 2008, the Commission issued notice of and approved Amendment No. 2 on a temporary basis not to exceed 120 days, and solicited comment on the proposal.4 The Commission received no comment letters in response to the Temporary Approval Order. This order approves Amendment No. 2 on a permanent basis. II. Description of the Proposal Currently, Plan Sponsors may list a new LEAP expiration year at the appropriate time without any consideration as to the activity level of the class of options. Amendment No. 2 proposes to apply a uniform minimum volume threshold per underlying class to qualify for the introduction of a new expiration year of LEAP options. By agreeing to a minimum volume threshold per underlying class to qualify for an additional year of LEAP series, the Plan Sponsors intend to mitigate the number of option series available for trading. It is intended that this will in turn mitigate quote traffic, because Participants will not be submitting quotes in the not-listed series. The Plan Sponsors have agreed on a minimum volume threshold of 1,000 contracts national average daily volume in the 1 15 U.S.C. 78k–1. CFR 242.608. 3 On July 6, 2001, the Commission approved the OLPP, which was originally proposed by the Amex, CBOE, ISE, OCC, Phlx, and Pacific Exchange, Inc. (k/n/a NYSE Arca). See Securities Exchange Act Release No. 44521, 66 FR 36809 (July 13, 2001). On February 5, 2004, BSE was added as a sponsor to the OLPP. See Securities Exchange Act Release No. 49199, 69 FR 7030 (February 12, 2004). On March 21, 2008, Nasdaq was added as a sponsor to the OLPP. See Securities Exchange Act Release No. 57546 (March 21, 2008), 73 FR 16393 (March 27, 2008). 4 See Securities Exchange Act Release No. 58385 (August 19, 2008), 73 FR 50375 (August 26, 2008) (‘‘Temporary Approval Order’’). jlentini on PROD1PC65 with NOTICES 2 17 VerDate Aug<31>2005 18:22 Sep 30, 2008 Jkt 214001 preceding three calendar months (excluding volume in LEAP and FLEX series) to qualify for the introduction of a new LEAP expiration year.5 The Amendment does not restrict the introduction of a new LEAP expiration year in Index options, or in classes that have had options products trading at any exchange for less than six months. In addition, it also does not restrict, for a particular options class, the introduction of new LEAP series with an expiration year that has already been introduced by at least one Exchange. III. Discussion After careful review, the Commission finds that Amendment No. 2 is consistent with the requirements of the Act and the rules and regulations thereunder.6 Specifically, the Commission finds that Amendment No. 2 to the OLPP is consistent with section 11A of the Act 7 and Rule 608 thereunder 8 in that it is in the public interest and appropriate for the protection of investors and the maintenance of fair and orderly markets. Specifically, the Commission believes that by adopting a uniform minimum volume threshold per underlying class to qualify for the introduction of a new expiration year for LEAP series, the options exchanges should reduce the number of option series available for trading, and thus may reduce increases in the options quote rate because market participants would not be submitting quotes in the not-yet-available LEAP series. Accordingly, the Commission believes that it is necessary or appropriate in the public interest, for the protection of investors and the maintenance of fair and orderly markets, to remove impediments to, and perfect mechanisms of, a national market system to approve Amendment No. 2 to the OLPP on a permanent basis. IV. Conclusion It is therefore ordered, pursuant to section 11A of the Act,9 and Rule 608 thereunder,10 that proposed Amendment No. 2 to the OLPP be, and 5 The Plan Sponsors represented that, in 2007, if this proposal had been in effect, the industry would not have added a new expiration year in 550 underlying securities, which would have reduced the overall number of listed series (LEAP and nonLEAP series) by 8%. These LEAP series generated only .43% of industry trading volume in a typical (non-expiration) sample week. 6 In approving this proposed OPRA Plan Amendment, the Commission has considered its impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 7 15 U.S.C. 78k–1. 8 17 CFR 242.608. 9 15 U.S.C. 78k–1. 10 17 CFR 242.608. PO 00000 Frm 00121 Fmt 4703 Sfmt 4703 57167 it hereby is, approved on a permanent basis. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Florence E. Harmon, Acting Secretary. [FR Doc. E8–22965 Filed 9–30–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release Nos. 33–8962; 34–58657; File No. 4–567] Roundtable on Modernizing the SEC’s Disclosure System Securities and Exchange Commission. AGENCY: Notice of roundtable discussion; request for comment. ACTION: SUMMARY: On October 8, 2008 from 9 a.m. to 1 p.m., the Securities and Exchange Commission will hold a roundtable to discuss ways in which its current disclosure system can be modernized to provide investors more useful and timely information to help them make investment choices. The roundtable will be organized as two panels. The panels will be moderated by Commission staff and will include investor representatives, company officials, information intermediaries, practitioners, and academics. The roundtable is part of the Commission’s 21st Century Disclosure Initiative. The roundtable will be held in the auditorium of SEC headquarters at 100 F Street, NE., Washington, DC, from 9 a.m. until approximately 1 p.m. The roundtable will be open to the public with seating on a first-come, first-served basis. The roundtable discussions will be Webcast on the Commission’s Web site at http://www.sec.gov. The roundtable agenda and other related materials, including a list of participants and moderators, will be accessible at http://www.sec.gov/disclosureinitiative. The Commission welcomes comments regarding any of the topics to be addressed at the roundtable and is particularly interested in comments responding to the questions that are set forth below. We must receive comments on or before October 22, 2008. DATES: You may submit your comments by any of the following methods: ADDRESSES: 11 17 E:\FR\FM\01OCN1.SGM CFR 200.30–3(a)(29). 01OCN1 57168 Federal Register / Vol. 73, No. 191 / Wednesday, October 1, 2008 / Notices jlentini on PROD1PC65 with NOTICES Electronic Comments • Use the Commission’s Internet submission form (http://www.sec.gov/ rules/other.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number 4–567 on the subject line. Paper Comments • Send paper comments in triplicate to: Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. Your submission must refer to File No. 4–567. You should include this file number on the subject line if you send your comment by e-mail. Please use only one method of submission. The Commission will post all comments on its Web site at http://www.sec.gov/rules/ other.shtml. Comments will also be available for public inspection and copying in the Commission’s Public Reference Room, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. All comments received will be posted without change. Because we do not edit personal identifying information from submissions, you should submit only information that you wish to make available publicly. FOR FURTHER INFORMATION CONTACT: Matthew Reed at (202) 551–4144, 21st Century Disclosure Initiative, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549– 3561. SUPPLEMENTARY INFORMATION: The Federal securities acts require certain operating and investment companies, and certain investors, to submit transactional, financial, governancerelated, and other information to the Commission. Much of this information is made available to the public and investors. The Commission’s existing disclosure system depends primarily on forms that collect, organize, and convey the required information. Companies and other filers prepare the forms and file them with the Commission, which stores them and makes them available to the public using its EDGAR database. The Commission recently announced that it is developing a new platform, known as IDEA (Interactive Data, Electronic Applications), to succeed EDGAR. IDEA’s architecture will allow disclosure information to be submitted, stored, accessed, and disseminated more efficiently. In June 2008, Chairman Christopher Cox launched the 21st Century Disclosure Initiative and called for a fundamental rethinking of our current disclosure system, which could result in transitioning away from a forms-based VerDate Aug<31>2005 18:22 Sep 30, 2008 Jkt 214001 approach. The principal objective of the Initiative is to enhance the usefulness of disclosure to investors. Improved efficiency for preparers of disclosure also will be important. The Initiative will include a careful review of existing disclosure, the objectives of disclosure, and whether and how disclosure may be improved through the application of modern technology and practices. Based on its internal efforts and other information, including the views expressed at the October 8, 2008, roundtable and comments received regarding the roundtable, Initiative staff will prepare a report that describes a modernized disclosure system and recommends future action for a transition to the new system. The proposed new system will use modern information technology to collect, manage, and provide structured data or information that is accessible, and easier to use, while providing the Commission with tools to better fulfill its mission of protecting investors, maintaining orderly markets, and facilitating the formation of capital. This system could take the form of a ‘‘company file system’’ that would collect core information about a company or fund in a centrally and logically organized structured data file. Companies would supplement that information with the current, periodic, and transactional information that is currently required by the Commission’s disclosure regulations. Structured data, including data tagging, and IDEA’s versatile architecture should make disclosure information dynamic, accessible, and easier to use. Initiative staff will analyze whether a company file system would provide investors with improved presentation and access to information; reduce redundancy and complexity for filers, harness the ability of technology to drive down costs and reduce errors; and aid the Commission’s development of more powerful electronic regulatory and enforcement tools. A company file system would also allow for the Commission to consider ways to further integrate disclosure. The Roundtable on Modernizing the Securities and Exchange Commission’s Disclosure System will be organized into two panels. The first panel will explore the data, technology, and processes that companies and other filers use in satisfying their Commission disclosure obligations. It will also consider the data and technology that investors use in making their investment decisions. The second panel will consider how the Commission could better organize and operate its disclosure system so that companies enjoy efficiencies and investors have PO 00000 Frm 00122 Fmt 4703 Sfmt 4703 better access to high-quality information. The Commission welcomes feedback regarding any of the topics to be addressed at the roundtable and would be particularly interested in comments on the specific questions set forth below. I. General Issues a. Should the Commission make changes to its current forms-based disclosure system? Please explain why or why not. b. What are the key issues to be considered in the review of the Commission’s disclosure system? Are particular aspects of the system and process especially useful and well executed, and are particular aspects especially in need of improvement? c. What are the purposes of issuer disclosure from the perspective of investors, filers, and regulators? II. Specific Issues a. The Market’s Use of Disclosure Information i. How do operating and investment companies collect, summarize, analyze, file, and disseminate the information that is submitted to the Commission? ii. How do operating and investment companies submit disclosure and reporting information to the Commission? How have these methods changed during the last 15 years, particularly after filing via EDGAR was fully implemented? How could the Commission’s system be changed to reduce burdens and create efficiencies, consistent with investor protection? iii. How do investors retrieve and use the disclosure information that companies submit to the Commission? How could this information be better presented, and more easily retrieved and used through technological improvements? iv. What disclosure information that companies submit to the Commission is used by investors to make investment decisions? Is any information that companies submit to the Commission not used? What information that is not required to be filed or furnished with the Commission do investors and others use to make investment decisions or give investment advice? b. The Commission’s Current Disclosure System Does the Commission’s current disclosure system present difficulties? What difficulties can be attributed to technological problems? Which can be attributed to regulatory or statutory problems? E:\FR\FM\01OCN1.SGM 01OCN1 Federal Register / Vol. 73, No. 191 / Wednesday, October 1, 2008 / Notices c. Modernizing the Commission’s Disclosure System i. How should the Commission’s disclosure system be modernized? One possibility is a company file system. What alternative systems should be considered? What different or additional benefits might these alternatives provide? ii. How should a modern disclosure system, such as a company file system, be organized, and how could it improve the way disclosure information is submitted and used? iii. What features should any modernized disclosure system provide in order to serve the needs of filers, investors, regulators, and other users of information? Why? iv. Data tagging using XBRL, or eXtensible Business Reporting Language, is one way, but we understand there are other ways to structure data. What alternative ways could be used by companies to submit structured data to the Commission? v. What are the costs and benefits to investors and other market participants of structuring non-financial disclosures, including, for example, data tagging? vi. What time frame would be appropriate for implementing a company file system? vii. What benefits and costs to preparers and users of information would accompany the implementation of modernized disclosure system, such as a company file system, that requires all, or virtually all, data to be filed in a structured format? Would such a system be more useful to some investors, such as small or less sophisticated investors? Would some investors be harmed by such a system? Would larger companies benefit more than smaller companies? Would costs fall disproportionately on one group of companies? viii. Are any changes to the Commission’s disclosure regulations required for a transition to a company file system? How could these changes be identified? Dated: September 26, 2008. By the Commission. Florence E. Harmon, Acting Secretary. [FR Doc. E8–23105 Filed 9–30–08; 8:45 am] BILLING CODE 8011–01–P jlentini on PROD1PC65 with NOTICES 18:22 Sep 30, 2008 Jkt 214001 BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [File No. 500–1] Wendt-Bristol Health Services Corp.; Order of Suspension of Trading September 26, 2008. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of WendtBristol Health Services Corp. (‘‘WendtBristol’’) because it has not filed any periodic reports since the period ended March 31, 2000. Wendt-Bristol is quoted on the Pink Sheets operated by Pink OTC Markets, Inc. under the ticker symbol WMDB. The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of the above-listed company is suspended for the period from 9:30 a.m. EDT on September 26, 2008, through 11:59 p.m. EDT on October 9, 2008. BILLING CODE 8011–01–P BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting [Release No. 34–58623; File No. SR–BATS– 2008–004] FEDERAL REGISTER CITATION OF PREVIOUS ANNOUNCEMENT: [to be published]. Open meeting. PLACE: 100 F Street, NE., Washington, DC. STATUS: 10 a.m. Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that Dated: September 26, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8–23074 Filed 9–30–08; 8:45 am] By the Commission. J. Lynn Taylor, Assistant Secretary. [FR Doc. E8–23086 Filed 9–26–08; 4:15 pm] Cancellation of Meeting. The Open Meeting scheduled for Wednesday, October 1, 2008 has been cancelled. CHANGE IN THE MEETING: Sunshine Act Meeting For further information please contact the Office of the Secretary at (202) 551– 5400. Dated: September 26, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8–23048 Filed 9–30–08; 8:45 am] DATE AND TIME OF PREVIOUSLY ANNOUNCED MEETING: Wednesday, October 1, 2008 at SECURITIES AND EXCHANGE COMMISSION VerDate Aug<31>2005 the Securities and Exchange Commission will hold a Closed Meeting on Thursday, October 2, 2008 at 2 p.m. Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the Closed Meeting. Certain staff members who have an interest in the matters also may be present. The General Counsel of the Commission, or his designee, has certified that, in his opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c)(3), (5), (6), (7), 9(B) and (10) and 17 CFR 200.402(a)(3), (5), (6), (7), 9(ii) and (10), permit consideration of the scheduled matters at the Closed Meeting. Commissioner Casey, as duty officer, voted to consider the items listed for the Closed Meeting in closed session. The subject matter of the Closed Meeting scheduled for Thursday, October 2, 2008 will be: Formal orders of investigation; Institution and settlement of injunctive actions; Institution and settlement of administrative proceedings of an enforcement nature; A collection matter; Amicus consideration; An adjudicatory matter; and Other matters relating to enforcement proceedings. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at (202) 551–5400. 57169 PO 00000 Frm 00123 Fmt 4703 Sfmt 4703 Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Consolidating Into a Single Rule Certain Requirements for Products Traded on the Exchange Pursuant to Unlisted Trading Privileges September 23, 2008. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 E:\FR\FM\01OCN1.SGM 01OCN1

Agencies

[Federal Register Volume 73, Number 191 (Wednesday, October 1, 2008)]
[Notices]
[Pages 57167-57169]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-23105]


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

SECURITIES AND EXCHANGE COMMISSION

[Release Nos. 33-8962; 34-58657; File No. 4-567]


Roundtable on Modernizing the SEC's Disclosure System

AGENCY: Securities and Exchange Commission.

ACTION: Notice of roundtable discussion; request for comment.

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

SUMMARY: On October 8, 2008 from 9 a.m. to 1 p.m., the Securities and 
Exchange Commission will hold a roundtable to discuss ways in which its 
current disclosure system can be modernized to provide investors more 
useful and timely information to help them make investment choices. The 
roundtable will be organized as two panels. The panels will be 
moderated by Commission staff and will include investor 
representatives, company officials, information intermediaries, 
practitioners, and academics. The roundtable is part of the 
Commission's 21st Century Disclosure Initiative.
    The roundtable will be held in the auditorium of SEC headquarters 
at 100 F Street, NE., Washington, DC, from 9 a.m. until approximately 1 
p.m. The roundtable will be open to the public with seating on a first-
come, first-served basis. The roundtable discussions will be Webcast on 
the Commission's Web site at http://www.sec.gov. The roundtable agenda 
and other related materials, including a list of participants and 
moderators, will be accessible at http://www.sec.gov/
disclosureinitiative. The Commission welcomes comments regarding any of 
the topics to be addressed at the roundtable and is particularly 
interested in comments responding to the questions that are set forth 
below.

DATES: We must receive comments on or before October 22, 2008.

ADDRESSES: You may submit your comments by any of the following 
methods:

[[Page 57168]]

Electronic Comments

     Use the Commission's Internet submission form (http://
www.sec.gov/rules/other.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number 4-567 on the subject line.

Paper Comments

     Send paper comments in triplicate to: Secretary, 
Securities and Exchange Commission, 100 F Street, NE., Washington, DC 
20549-1090.

Your submission must refer to File No. 4-567. You should include this 
file number on the subject line if you send your comment by e-mail. 
Please use only one method of submission. The Commission will post all 
comments on its Web site at http://www.sec.gov/rules/other.shtml. 
Comments will also be available for public inspection and copying in 
the Commission's Public Reference Room, 100 F Street, NE., Washington, 
DC 20549, on official business days between the hours of 10 a.m. and 3 
p.m. All comments received will be posted without change. Because we do 
not edit personal identifying information from submissions, you should 
submit only information that you wish to make available publicly.

FOR FURTHER INFORMATION CONTACT: Matthew Reed at (202) 551-4144, 21st 
Century Disclosure Initiative, Securities and Exchange Commission, 100 
F Street, NE., Washington, DC 20549-3561.

SUPPLEMENTARY INFORMATION: The Federal securities acts require certain 
operating and investment companies, and certain investors, to submit 
transactional, financial, governance-related, and other information to 
the Commission. Much of this information is made available to the 
public and investors. The Commission's existing disclosure system 
depends primarily on forms that collect, organize, and convey the 
required information. Companies and other filers prepare the forms and 
file them with the Commission, which stores them and makes them 
available to the public using its EDGAR database. The Commission 
recently announced that it is developing a new platform, known as IDEA 
(Interactive Data, Electronic Applications), to succeed EDGAR. IDEA's 
architecture will allow disclosure information to be submitted, stored, 
accessed, and disseminated more efficiently.
    In June 2008, Chairman Christopher Cox launched the 21st Century 
Disclosure Initiative and called for a fundamental rethinking of our 
current disclosure system, which could result in transitioning away 
from a forms-based approach. The principal objective of the Initiative 
is to enhance the usefulness of disclosure to investors. Improved 
efficiency for preparers of disclosure also will be important. The 
Initiative will include a careful review of existing disclosure, the 
objectives of disclosure, and whether and how disclosure may be 
improved through the application of modern technology and practices. 
Based on its internal efforts and other information, including the 
views expressed at the October 8, 2008, roundtable and comments 
received regarding the roundtable, Initiative staff will prepare a 
report that describes a modernized disclosure system and recommends 
future action for a transition to the new system. The proposed new 
system will use modern information technology to collect, manage, and 
provide structured data or information that is accessible, and easier 
to use, while providing the Commission with tools to better fulfill its 
mission of protecting investors, maintaining orderly markets, and 
facilitating the formation of capital.
    This system could take the form of a ``company file system'' that 
would collect core information about a company or fund in a centrally 
and logically organized structured data file. Companies would 
supplement that information with the current, periodic, and 
transactional information that is currently required by the 
Commission's disclosure regulations. Structured data, including data 
tagging, and IDEA's versatile architecture should make disclosure 
information dynamic, accessible, and easier to use. Initiative staff 
will analyze whether a company file system would provide investors with 
improved presentation and access to information; reduce redundancy and 
complexity for filers, harness the ability of technology to drive down 
costs and reduce errors; and aid the Commission's development of more 
powerful electronic regulatory and enforcement tools. A company file 
system would also allow for the Commission to consider ways to further 
integrate disclosure.
    The Roundtable on Modernizing the Securities and Exchange 
Commission's Disclosure System will be organized into two panels. The 
first panel will explore the data, technology, and processes that 
companies and other filers use in satisfying their Commission 
disclosure obligations. It will also consider the data and technology 
that investors use in making their investment decisions. The second 
panel will consider how the Commission could better organize and 
operate its disclosure system so that companies enjoy efficiencies and 
investors have better access to high-quality information.
    The Commission welcomes feedback regarding any of the topics to be 
addressed at the roundtable and would be particularly interested in 
comments on the specific questions set forth below.

I. General Issues

    a. Should the Commission make changes to its current forms-based 
disclosure system? Please explain why or why not.
    b. What are the key issues to be considered in the review of the 
Commission's disclosure system? Are particular aspects of the system 
and process especially useful and well executed, and are particular 
aspects especially in need of improvement?
    c. What are the purposes of issuer disclosure from the perspective 
of investors, filers, and regulators?

II. Specific Issues

 a. The Market's Use of Disclosure Information

    i. How do operating and investment companies collect, summarize, 
analyze, file, and disseminate the information that is submitted to the 
Commission?
    ii. How do operating and investment companies submit disclosure and 
reporting information to the Commission? How have these methods changed 
during the last 15 years, particularly after filing via EDGAR was fully 
implemented? How could the Commission's system be changed to reduce 
burdens and create efficiencies, consistent with investor protection?
    iii. How do investors retrieve and use the disclosure information 
that companies submit to the Commission? How could this information be 
better presented, and more easily retrieved and used through 
technological improvements?
    iv. What disclosure information that companies submit to the 
Commission is used by investors to make investment decisions? Is any 
information that companies submit to the Commission not used? What 
information that is not required to be filed or furnished with the 
Commission do investors and others use to make investment decisions or 
give investment advice?

 b. The Commission's Current Disclosure System

    Does the Commission's current disclosure system present 
difficulties? What difficulties can be attributed to technological 
problems? Which can be attributed to regulatory or statutory problems?

[[Page 57169]]

 c. Modernizing the Commission's Disclosure System

    i. How should the Commission's disclosure system be modernized? One 
possibility is a company file system. What alternative systems should 
be considered? What different or additional benefits might these 
alternatives provide?
    ii. How should a modern disclosure system, such as a company file 
system, be organized, and how could it improve the way disclosure 
information is submitted and used?
    iii. What features should any modernized disclosure system provide 
in order to serve the needs of filers, investors, regulators, and other 
users of information? Why?
    iv. Data tagging using XBRL, or eXtensible Business Reporting 
Language, is one way, but we understand there are other ways to 
structure data. What alternative ways could be used by companies to 
submit structured data to the Commission?
    v. What are the costs and benefits to investors and other market 
participants of structuring non-financial disclosures, including, for 
example, data tagging?
    vi. What time frame would be appropriate for implementing a company 
file system?
    vii. What benefits and costs to preparers and users of information 
would accompany the implementation of modernized disclosure system, 
such as a company file system, that requires all, or virtually all, 
data to be filed in a structured format? Would such a system be more 
useful to some investors, such as small or less sophisticated 
investors? Would some investors be harmed by such a system? Would 
larger companies benefit more than smaller companies? Would costs fall 
disproportionately on one group of companies?
    viii. Are any changes to the Commission's disclosure regulations 
required for a transition to a company file system? How could these 
changes be identified?

    Dated: September 26, 2008.

    By the Commission.
Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-23105 Filed 9-30-08; 8:45 am]
BILLING CODE 8011-01-P