SEC exempts market-intermediary filings from Inline XBRL requirement
Clearing agencies, exchanges, broker-dealers and security-based swap entities are relieved of Inline XBRL tagging for select forms effective Sept. 11, 2026.
On September 11, 2026 the Securities and Exchange Commission issued Order No. 34-106339, granting exemptive relief under Section 36(a)(1) of the Exchange Act from the Inline XBRL filing requirements for certain portions of Form CA-1, Form 1, Form X-17A-5 Part III, Form 17-H, and the annual compliance report of a security-based swap entity (the CCO report).
The relief applies to clearing agencies filing Form CA-1 (excluding Exhibit H), self-regulatory organizations filing Form 1 (excluding Exhibit I), broker-dealers and security-based swap entities filing Form X-17A-5 Part III, broker-dealers subject to Rule 17h-2T filing Form 17-H, and security-based swap entities filing the CCO report. The order expressly preserves the requirement to file these forms electronically on EDGAR.
The exemption follows the Dec. 16, 2024 rule amendments that mandated Inline XBRL for the listed filings. The Commission noted industry comments indicating that the cost of Inline XBRL compliance exceeded its original estimates and that the tagging provides limited benefit for the specialized data in these market-intermediary reports.
Citing 15 U.S.C. 78mm(a)(1), the SEC concluded that the relief is "necessary or appropriate in the public interest and consistent with the protection of investors," emphasizing that many of the exempted filings are not primarily used by investors and are often non-public.
The order appears in Federal Register Vol. 91, No. 177, pages 58490-58492 (FR Doc No. 2026-18905).
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