Draft Closed-End Fund (CEF) Taxonomy
April 8, 2020
As part of the Securities Offering Reform for Closed-End Investment Companies final rule, the Commission has adopted certain structured data reporting requirements for business development companies (BDCs) and registered closed-end investment companies (registered CEFs) as follows:
- BDCs to submit financial statement information using Inline eXtensible Business Reporting Language (XBRL) format to the extent required of operating companies;
- BDCs and registered CEFs to submit cover page information using Inline XBRL format in their registration statements and post-effective amendments thereto on Form N-2;
- BDCs and registered CEFs to submit certain prospectus disclosures using Inline XBRL format; and
BDCs and registered CEFs that are eligible to file a short-form registration statement will be subject to the above structuring requirements with respect to Forms filed on or after August 1, 2022. Other BDCs and registered CEFs will be subject in to the requirements with respect to Forms filed on or after February 1, 2023.
In addition, the rule requires open-end funds, face amount certificate companies, unit investment trusts, and certain closed-end funds to submit Form 24F-2 in eXtensible Markup Language (XML) format with respect to Forms filed on or after February 1, 2022. See Release No. 33–10771; 34–88606; IC–33836 (Apr. 8, 2020). https://www.sec.gov/rules/final/2020/33-10771.pdf.
The draft CEF taxonomy is available at https://www.sec.gov/structureddata/dera_taxonomies. Please provide comments on the draft taxonomy to StructuredData@sec.gov. Include “Draft CEF Taxonomy” in the subject line. The public comment period for the draft taxonomy will end 90 days after Release No. 33–10771; 34–88606; IC–33836 is published in the Federal Register.