The U.S. Securities and Exchange Commission (SEC) proposed new rules Wednesday that would modernize the reporting and disclosure of information by mutual funds, exchange-traded funds (ETFs) and other registered investment companies.

The proposed rules aim to enhance the quality of information available to investors, and would also allow the SEC to more effectively collect and use data provided by these firms.

The information would be reported in a structured data format, which the SEC says would allow both the commission and the public to better analyze it. The proposals would also require enhanced and standardized disclosures in financial statements, and would permit mutual funds and other investment companies to provide shareholder reports by making them accessible on a website.

For investment advisors, the proposed amendments would require them to provide additional information to enable the SEC and investors to better understand the risk profile of individual advisers and the industry.

“These recommendations will vastly improve the type and format of the information that funds provide to the commission and to investors,” said SEC chair, Mary Jo White.

“Investors will have better quality and greater access to information about their fund investments and investment advisors, and the SEC will have more and better information to monitor risks in the asset management industry.”

The proposals will go out for a 60-day comment period.