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SEC Focuses on Public Disclosure Database

The SEC has named a database it created two years ago.

By Noreen Seebacher | Updated on August 22, 2008

The US Securities and Exchange Commission attracted attention last week when it announced the launch of a “futuristic information disclosure system for investors and markets”–an interactive Internet platform to replace its existing EDGAR database. The new public disclosure system is called IDEA–short for Interactive Data Electronic Applications.

Based on a completely new architecture being built from the ground up, it will at first supplement and eventually replace the EDGAR system. With technologies such as XBRL (eXtensible Business Reporting Language), investors and analysts will be able to search not only forms, but also the information within them. That could save considerable time and effort for commercial real estate investors, who routinely scour public company disclosures as part of the due diligence process, as well as simplify research by other CRE professionals.

Technology experts describe the development of the interactive database as both “significant” and “profound.” However, they also note that the database has been under development for nearly two years–and caution that it is misleading to attribute much news value to the most recent SEC announcement about it.

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