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SEC Seeks Contractor for XBRL Software System

The SEC has issued a request for proposals for a prototype system to access XBRL documents filed on EDGAR. The closing date of the solicitation is August 31, 2006 and performance on the contract should begin around October 1, 2006. In order to ensure that the new system provides a user-friendly means to access the XBRL documents submitted on EDGAR, the SEC is interested in a contractor with previous successful deliveries of XML applications and prior work experience with EDGAR. Experience with XBRL development is preferred.

The SEC expects to award a contract for one base period plus two one-year options. In announcing the request for proposals, SEC Chairman Christopher Cox said the SEC's Web site eventually will feature easy-to-use software that will enable investors, analysts and others to explore interactive data. Cox said the SEC is equally enthusiastic about private sector developments for professional and retail uses.

Cox has supported the move toward the use of interactive data since his arrival at the Commission. The SEC is currently testing the use of interactive data through a voluntary pilot program. Two dozen companies have agreed to participate in the pilot for at least one year. In return, the SEC has agreed to expedite the review of the test group's filings. Several foreign private issuers are among the participants, including Banco Itau Holding Financeira S.A. and Brazilian Petroleum Corp. The two dozen companies represent more than $1 trillion of market value. The SEC said that it continues to welcome new participants to the pilot program.

The availability of interactive data will allow users to access specific information from company filings and to easily compare it with other companies. Interactive data is machine readable so computers can extract the desired information.