Making Securities and Exchange Commission filings searchable through extensible business reporting language (XBRL) is empowering the SEC, law.com reports SEC Chairman Christopher Cox as saying. In fact, it’s the primary reason the Commission unearthed the backdating stock options scandal that has more than 170 companies under the SEC’s glare.

Cox even went so far as to compare SEC staff members to the cast of the TV show “Heros.” While they may not have the super powers of the show’s cast, Cox said, “by sheer willpower and hard work, they routinely accomplish great deeds. And to all the Americans who depend on them, they are very real heroes, in every sense.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.