FOCUS Reports (Form X-17A-5)
XBRL Tagging Support for FOCUS Reports – Here’s What You Need to Know
RDG Filings is ready to support broker-dealers with full XBRL tagging, validation, and EDGAR submission services for the Financial and Operational Combined Uniform Single Report (FOCUS) also known as the Form X-17A-5 in light of the SEC’s new structured data rules.
Why This Change Matters
The SEC’s final rule, Electronic Submission of Certain Materials; Amendments Regarding the FOCUS Report (Release No. 33-11342), mandates that certain broker-dealer filings- including annual financials and portions of the FOCUS Report-be submitted using structured data formats (Inline XBRL or XML). SEC.GOV
Broker-dealers must file FOCUS Report Parts II, IIA, and IIC using structured data for filings due on or after March 31, 2026.
The requirement for structuring (tagging) annual financial statements and related disclosures is phased: starting June 30, 2026 for firms meeting certain size thresholds, and for all other firms by June 30, 2028.
As part of the amendments, the notary requirement has been removed from Part III of the Form X-17A-5, and electronic signatures are permitted in many cases.
The rule is intended to enhance data comparability, transparency, and analytic capabilities by the SEC and third parties- reducing reliance on manually entered, unstructured data. XBRL.US
What Broker-Dealers Need to Do
1. Plan for structured data compliance – Begin assessing your internal systems, financial statements, footnotes, schedules, and narrative disclosures to prepare for XBRL tagging.
2. Decide on approach – You can tag in-house using software, or outsource to a specialist (like RDG) that knows SEC tagging rules for FOCUS reports.
3. Integrate validation & quality control – Ensure your tagged filings pass SEC/EDGAR validations-errors or incorrect tagging can delay acceptance.
4. Submit via EDGAR in Inline XBRL (or XML where required) – All eligible portions of your FOCUS Report must be filed in structured format through EDGAR. XBRL.US
Why Use RDG Filings for Your XBRL Tagging & Submission
We specialize in broker-dealer FOCUS report tagging, so we know the line items, footnote relationships, and regulatory expectations.
Fast turnaround with rigorous checks to reduce risk of rejection by SEC.
Flexible support: full end-to-end service or just review / validation of your tagging.
We stay current as SEC guidance evolves, so your filings remain compliant.