Disclosure
RIXML 2.5 Element
Provides proactive disclosure information about current publisher involvement in offerings, M&A activities, or analyst holdings. Required Description element contains disclosure details, with optional code attribute for publisher-defined categorization systems.
Disclosure information from the publisher that is required to accompany a research product. Disclosure is 'proactive' in that it discloses current involvement and role in an offering or M&A. This would also include disclosures of analyst holdings in stock mentioned, etc. This section changes relatively frequently.
Usage
Required within IssuerSecurityID elements, multiples allowed. Used for frequently changing disclosures about current business relationships and potential conflicts of interest.
Business Context
Critical for regulatory compliance and transparency in research distribution, ensuring investors understand potential conflicts of interest and publisher relationships that could influence research opinions.
Specification Guide
Overview
Disclosure carries proactive disclosure information that publishers are required to attach to research products, covering current involvement in offerings, mergers and acquisitions, analyst holdings, and other potential conflicts of interest with the issuers or securities discussed in the research. It pairs a required human-readable disclosure description with an optional publisher-defined code attribute used for internal categorisation of disclosure types (e.g. banking relationship, ownership stake). Within the Legal package it represents the frequently-changing, transaction- and relationship-driven legal content, in contrast to the more static boilerplate carried by Hedge.
Usage
In RIXML 2.x, Disclosure appears as a child of IssuerSecurityID (inside the Legal package), so each disclosure is scoped to a particular issuer/security pairing. The element is required where applicable and multiples are allowed, enabling a publisher to list several distinct disclosures against the same issuer or security. Use the code attribute to tag disclosures with an internal classification scheme (e.g. shorthand codes for banking, market-making, or ownership disclosures) while the Description child carries the actual human-readable legal text that will be presented to the research consumer. Because disclosure content reflects current business relationships, expect it to change frequently and to be regenerated per publication rather than reused verbatim.
In the draft RIXML v3, the element is restructured: Disclosure becomes a child of a DisclosureList container with disclosure text moved into a dedicated DisclosureText child, and issuer/security scoping is expressed via aggregated ID lists rather than nesting inside IssuerSecurityID [RIXML Research Suite Data Dictionary v3.0 (DRAFT) p.20]↗.
Rules
- MUSTDisclosure must contain a Description (the disclosure text) providing the actual disclosure statement.[RIXML Research Data Dictionary v2.5.1 p.68] [RIXML Research Data Dictionary v2.4 p.65] [RIXML User Guide v2.2 p.46] [RIXML User Guide v2.3 p.47]
- MAYMultiple Disclosure elements may appear within the same parent to cover different disclosure types applicable to the same issuer/security.[RIXML Research Data Dictionary v2.5.1 p.68] [RIXML Research Data Dictionary v2.4 p.65] [RIXML User Guide v2.2 p.46]
- MAYThe
codeattribute on Disclosure is optional and is intended for publisher-defined disclosure categorisation rather than a controlled vocabulary.[RIXML Research Data Dictionary v2.5.1 p.68] [RIXML User Guide v2.2 p.47] [RIXML Research Suite Data Dictionary v3.0 (DRAFT) p.20]↗ - INFORMATIVEIn RIXML 2.x, Disclosure is scoped to a specific issuer/security pairing by virtue of being nested inside IssuerSecurityID within the Legal package.[RIXML Research Data Dictionary v2.5.1 p.68] [RIXML Research Data Dictionary v2.4 p.65] [RIXML User Guide v2.3 p.47]
Relationships
- child-ofIssuerSecurityID — In RIXML 2.x, Disclosure is a child of IssuerSecurityID so that disclosures are scoped to a particular issuer/security pairing within the Legal package.
- part-ofLegal — Disclosure is part of the Legal package and represents its proactive, frequently-changing disclosure content.
- contrasts-withHedge — Disclosure carries proactive, frequently-changing information about current publisher involvement, whereas Hedge carries more stable boilerplate about historical relationships such as past public offering roles.
- qualifiesDisclosure.code — The publisher-defined
codeattribute qualifies the Disclosure with a shorthand category identifier (e.g. banking relationship, ownership) for internal tracking.
Where It Fits
Canonical Path
Definition
| Type | |
| Namespace | http://www.rixml.org/2017/9/RIXML |
| Min Occurs | 1 |
| Max Occurs | 1 |
Attributes
codestring |
Indicates the publisher defined disclosure code for a specific disclosure. For example, a publisher may need to disclose a banking relationship with a company, and may call this disclosure code A. optional |
Children
Descriptionstring1..1 |
A description of the disclosure. requiredSince 2.1 |
Example
<Disclosure>
<Description> ... </Description>
</Disclosure>Version History
Unchanged since introduction in RIXML 2.1
Disclosure is present in RIXML 2.2 through 2.5 with a stable structure: a required Description child and an optional publisher-defined code attribute, nested inside IssuerSecurityID within the Legal package (sources: user-guide-2.2 p.46, user-guide-2.3 p.47, data-dictionary-2.4 p.65, data-dictionary-2.5.1 p.68). The draft RIXML v3 reorganises disclosures significantly: Disclosure becomes a child of a DisclosureList container, the disclosure text moves into a dedicated DisclosureText element, and issuer/security scoping is expressed through aggregated IssuerIDList/SecurityIDList references rather than nesting inside IssuerSecurityID [RIXML Research Suite Data Dictionary v3.0 (DRAFT) p.20]↗.
Semantic Relationships
Contrasts With1 relationship
Disclosure information changes relatively frequently as it covers current involvement, while Hedge information changes less frequently covering historical relationships
RIXML Research Data Dictionary v2.5.1, p.68— Disclosure