The Securities and Exchange Commission has taken a major step toward structured, automated reporting with its requirement that all money market fund activity be filed using the eXtensible Markup Language (XML) data-tagging format-an aspect of the updated Rule 2a-7 that was overshadowed by its net asset value disclosure requirements.

"This rule is a significant move toward industry adoption of structured content for regulatory reporting," said Scott Powell, a senior market analyst at the Pittsburgh-based data automation company Confluence.

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