Canada to embrace open data standards for investment fund reporting
XBRL US has submitted comments to the Canadian Securities Administrators (CSA), advocating for the adoption of open, non-proprietary data standards in Canada’s proposed modernisation of investment fund disclosure rules. The CSA’s proposed amendments aim to enhance investor access to fund information, streamline reporting for fund managers, and align Canada’s disclosure framework with international best practices.
In its response, XBRL US urged the CSA to require investment funds to use structured, machine-readable data formats, such as Inline XBRL, mirroring developments in the United States and other global markets. The US Securities and Exchange Commission (SEC) already mandates structured data for mutual fund and exchange-traded fund (ETF) shareholder reports, significantly improving data accessibility, comparability, and investor decision-making. XBRL US highlighted how structured data enhances regulatory oversight, reduces costs, and increases the efficiency of financial analysis for both institutional and retail investors.
With regulators worldwide moving toward digital-first reporting, Canada now faces an important decision: embrace structured data for fund disclosures and stay competitive, or risk lagging behind international markets. Many Canadian companies already report in XBRL to comply with US and European regulations, making the transition to structured reporting a logical next step. Aligning with global disclosure trends would not only improve transparency for investors but also streamline compliance for fund managers operating across borders.
For more details, read the full XBRL US letter to the CSA here.
