The SEC Proposes Expanding Reporting Requirements for Investment Companies

On May 20, 2015, the Securities and Exchange Commission (the “SEC”) approved new proposed rules, forms and amendments that would expand the information that registered investment companies1 are required to report. The SEC’s proposals are intended to capitalize on changes in technology and modernize the fund reporting regime in order to gather better information to be used by investors and the SEC.

The proposals would (1) create a new monthly portfolio reporting form, Form N-PORT, (2) amend Regulation S-X to standardize and enhance disclosure of derivatives in financial statements, (3) introduce a new Rule 30e-3 allowing transmittal of shareholder reports via a company’s website in lieu of through the mail, and (4) create a new Form N-CEN that would replace Form N-SAR and require the reporting of certain census-type information.

Please see full publication below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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