SEC Adopts Rules to Modernize Information Reported by Registered Investment Companies

Eversheds Sutherland (US) LLP
Contact

Sutherland Asbill & Brennan LLP

On October 13, 2016, the Securities and Exchange Commission (the SEC) issued a release adopting final rules to modernize and enhance the reporting and disclosure of information by registered investment companies (the Final Rules).1 The Final Rules are part of the SEC’s initiative to enhance its monitoring and regulation of the asset management industry, particularly by allowing the SEC to more effectively collect and use data reported by registered investment companies.

This Legal Alert provides a summary of three particular changes to the current reporting regime implemented by the Final Rules:

  1. Form N-PORT – The SEC adopted a new monthly portfolio reporting form, Form N-PORT. Form N-PORT will require certain registered investment companies to report information about their monthly portfolio holdings to the SEC in a structured data format no more than 30 days after the end of the month. Although Form N-PORT will be filed monthly with the SEC, only information reported for the third month of a fund’s fiscal quarter will be made publicly available, and then only 60 days after the end of the quarter. In connection with the adoption of Form N-PORT, the SEC will rescind Form N-Q, on which funds currently report portfolio holdings for their first and third fiscal quarters. 
  2. Form N-CEN – The SEC adopted Form N-CEN, which will require certain registered investment companies to annually report certain census-type information to the SEC in a structured data format within 75 days after the end of the fiscal year or, in the case of unit investment trusts (UITs), 75 days after the end of the calendar year. Form N-CEN will replace Form N-SAR, the current form on which the SEC collects census-type information on registered investment companies and UITs. 
  3. Regulation S-X – The SEC also adopted amendments to Regulation S-X to require standardized, enhanced disclosure about derivatives in investment company financial statements, among other amendments.

Compliance Dates

Form N-PORT

The SEC adopted tiered compliance dates for Form N-PORT, as follows:

  • June 1, 2018, for larger entities (i.e., funds that together with other investment companies in the same “group of related investment companies”2 have net assets of $1 billion or more as of the end of the most recent fiscal year).
    • Upshot – As a result, larger entities will be required to file their first reports on Form N-PORT (reflecting portfolio data as of June 30, 2018) no later than July 30, 2018.
  • June 1, 2019, for smaller entities (i.e., funds that together with other investment companies in the same “group of related investment companies” have net assets of less than $1 billion as of the end of the most recent fiscal year).
    • Upshot – As a result, smaller entities will be required to file their first reports on Form N-PORT (reflecting portfolio data as of June 30, 2019) no later than July 30, 2019.

Form N-CEN

The SEC adopted a compliance date of June 1, 2018, to comply with the new Form N-CEN reporting requirements.

Amendments to Regulation S-X

The SEC adopted a compliance date of August 1, 2017, for its various amendments to Regulation S-X.

Form N-PORT and Rescission of Form N-Q

Currently, management investment companies, other than small business investment companies (SBICs), are required to report on Forms N-Q and N-CSR their complete portfolio holdings on a quarterly basis.3 These funds file their portfolio schedules on Form N-Q after the close of their first and third fiscal quarters and file their shareholder reports, which include portfolio schedules and other information, on Form N-CSR after the close of their second and fourth fiscal quarters.

As set forth in the Final Rules, the SEC adopted the new Form N-PORT, which will require certain registered management investment companies to file with the SEC monthly portfolio holdings reports in a structured Extensible Markup Language (XML) format no later than 30 days after the close of each month. The Final Rules state that reporting information on Form N-PORT in a structured XML format will improve the ability of the SEC and the public to compile and analyze information across all funds and to link the reported information from other sources. In connection with the adoption of Form N-PORT, the SEC has rescinded Form N-Q because the information reported on Form N-PORT will include the portfolio holdings information contained in reports on Form N-Q and thus render reports on Form N-Q unnecessarily duplicative.

Who Must File Reports on Form N-PORT?

All registered management investment companies (except for SBICs and money market funds) and UITs that operate as exchange-traded funds (ETFs) will be required to file reports on Form N-PORT.

Information Required by Form N-PORT

Form N-PORT will require reporting of a fund’s complete portfolio holdings. In addition, Form N-PORT will require additional information concerning the fund’s portfolio holdings not currently required by Forms N-Q or N-CSR. Only information reported for the third month of each fund’s fiscal quarter on Form N-PORT will be made publicly available, 60 days after the end of the third month of the fund’s fiscal quarter.



Form N-CEN and Rescission of Form N-SAR

The Final Rules replace Form N-SAR, on which registered investment companies (except for face-amount certificate companies) report a variety of census-type information to the SEC, including information relating to a fund’s organization, service providers, fees and expenses, portfolio strategies and investments, portfolio transactions and share transactions, with new Form N-CEN.

Similar to Form N-SAR, Form N-CEN will require reporting of census information on the funds, but will replace Form N-SAR primarily to improve the SEC staff’s understanding of industry trends and to assist with the SEC’s examination programs by using a structured XML data format. While funds are required to file Form N-SAR semi-annually (except UITs, which file annually), Form N-CEN must be filed annually, no later than 75 days after the end of the fiscal year for funds other than UITs, and no later than 75 days after the end of the calendar year for UITs.

Like Form N-SAR, to better tailor the reporting requirements to specific types of funds, the sections of Form N-CEN that a fund must complete will depend on the type of registrant, as summarized in the below table.


Amendments to Regulation S-X

Regulation S-X establishes general requirements for the form and content of a fund’s financial statements; however, Regulation S-X currently does not require standardized information to be included for derivative instruments other than options. To address this, the Final Rules amend Regulation S-X to, among other things, standardize the reporting of certain derivative investments in a fund’s financial statements. In addition, the Final Rules update the disclosures for other investments and investments in and advances to affiliates and amend the rules regarding the general form and content of a fund’s financial statements. 

The Final Rules will renumber the current schedules in Article 12 of Regulation S-X and break out into separate schedules the reporting of derivatives currently on Schedule 12-13, as summarized in the table below:


* Denotes new or renumbered schedules

Enhanced Derivatives Disclosures 

To address the issues of inconsistent disclosure and lack of transparency in financial statements with regard to derivative instruments, the Final Rules amend Regulation S-X by adopting new schedules for open futures contracts (new rule 12-13A), open forward foreign currency contracts (new rule 12-13B), and open swap contracts (new rule 12-13C). The Final Rules also modify the current disclosure requirements for purchased and written option contracts (new rule 12-13 for open option contracts written and new rule 12-12 for options purchased). 

  • Open Futures Contracts (New Rule 12-13A) – New rule 12-13A amends current rule 12-13 to require that funds report the notional amount and value of each open futures contract to provide investors with more insight into the economics of a fund’s investment in futures contracts. 
  • Open Forward Currency Contracts (New Rule 12-13B) – New rule 12-13B amends current rule 12-13 to require that funds disclose the counterparty to each open forward currency contract to allow investors a better understanding of counterparty risk for such transactions. 
  • Open Swap Contracts (New Rule 12-13C) – New rule 12-13C amends current rule 12-13 to require that funds report the counterparty to each open swap contract (except for exchange-traded and centrally cleared swaps), the value of the contract, and any upfront payments or receipts. The new requirements are intended to provide investors with a better picture of the economics of the relevant transaction and its associated risks. 

In addition, with regard to swaps contracts with a referenced asset that is an index with components that are publicly available on a website as of the relevant fund’s balance sheet date, or if the notional amount of the portfolio holding constitutes 1% or less of the fund’s NAV as of the close of the period, new rule 12-13C requires that the fund provide information sufficient to identify the referenced asset, such as a description. Alternatively, if the referenced asset is an index or custom basket with components that are not publicly available on a website as of the date of the balance sheet, and the notional amount of the derivative exceeds 1% of the fund’s NAV as of the close of the period, the fund must describe the index or custom basket and list separately (i) the index’s or custom basket’s 50 largest components and (ii) any other components for which notional value exceeds 1% of the notional value of the index or custom basket. For each separately listed investment, the fund must, as part of the description, include the description of the underlying investment as would be required by Article 12 of Regulation S-X, the quantity held, the value at the close of the period, and the percentage value when compared to the net assets of the custom basket.

Amendments to Current Rules 12-12 through 12-12C and Instructions Common to Rules 12-12 through 12-12B and 12-13 through 12-13D

The Final Rules do not change the schedules for rules 12-12, 12-12A, and 12-12C, but rather provide additional rules for new schedules, as well as clarify existing rules, including by renumbering several schedules. With respect to the instructions to rule 12-12, the Final Rules adopted the following requirements: 

  • With regard to variable rate debt securities, a fund must describe the referenced rate and spread, as well as provide each investment’s end-of-period interest rate, or disclose each referenced rate at the end of the period. 
  • For securities with payments-in-kind (PIK), a fund must provide the PIK interest rate.
  • When identifying each issue of securities held in connection with open put or call option contracts and loans for short sales, a fund must disclose where any portion of the issue is on loan. 

In addition, the Final Rules amended instructions common to rules 12-12 through 12-12B and 12-13 through 12-13D to be consistent with the disclosures required by current rules 12-12 and 12-13. For example, whereas current rule 12-13 instructs funds to identify “each investment not readily marketable,” the Final Rules will instead require funds to (1) indicate whether the fund valued an investment using significant unobservable inputs, and (2) identify any derivative that cannot be sold because of restrictions or conditions applicable to such derivative. 

Investments in and Advances to Affiliates under Rule 12-14

The Final Rules also include amendments to rule 12-14, which currently requires a fund to make certain disclosures about its investments in and advances to any “affiliates” or companies in which the investment company owns 5% or more of the outstanding voting securities. The SEC’s amendments include changes to the instructions to rule 12-14 to conform the rule to the disclosure requirements in rules 12-12 and 12-13. Under the current rule, a fund must disclose the “amount of equity in net profit and loss for the period” for each affiliated company, but is not required to disclose realized or unrealized gains or losses. The Final Rules, however, modify rule 12-14 to require for each affiliated investment disclosure of “net realized gain or loss for the period” and “net increase or decrease in unrealized appreciation or depreciation for the period” instead of disclosure of the “amount of equity in net profit and loss for the period.”

In addition, to better correlate with the statement of operations the totals required to be disclosed by rule 12-14, the Final Rules amend the instructions to rule 12-14 to require funds to disclose total realized gain or loss and total net increase or decrease in unrealized appreciation or depreciation for affiliated investments. The Final Rules also add a new instruction to make the categorization of investment in and advances to affiliates consistent with the categorization method used in rules 12-12, 12-12A, and 12-12B. Other than the above, the amendments to rule 12-14 set forth in the Final Rules are consistent with the amendments described in the Proposing Release.7

Conclusion

The SEC’s new Forms N-PORT and N-CEN and amendments to Regulation S-X significantly change the current reporting regime for most funds by requiring more comprehensive disclosure and more frequent reporting of portfolio holdings. These reporting requirements will also serve to improve the SEC’s ability to review a fund’s financial information, and could potentially result in increased scrutiny and enforcement actions by the SEC. 

Preparing to comply with the Final Rules will be a lengthy and involved process that funds should begin by taking the following steps:

  • Gain a better understanding of the Final Rules to assess the scope of the additional information required to be disclosed, which will vary depending on the fund’s investments. For instance, if a fund has significant debt exposure or engages in securities lending transactions or derivatives, it will likely have greater reporting obligations than funds that do not. 
  • Create working groups to assign and coordinate responsibilities among operational, compliance, management and other functions within the fund, as well as among any service providers that support fund reporting, and develop a checklist outlining key events that must be completed prior to the compliance dates set forth under the Final Rules. 
  • Determine to what extent current systems, whether at the fund or at service providers, will be able to meet the new data requirements and whether such systems will need to be modified or developed to collect, process and report the new information. To the extent that service providers need to modify existing systems or develop new systems to report the information required under the Final Rules, funds should consider the related cost implications with service providers, which may seek to pass on some or all of these costs to the fund in the form of higher fees.
  • Assess whether the fund’s existing resources will adequately establish and maintain the reporting systems necessary to meet the new functions, or whether the fund will need additional resources to meet such needs.
  • Review service provider agreements to determine whether the required new services, if any, are covered by the existing agreements and whether other contract provisions should be amended in light of the expanded responsibilities of the relevant service providers.
  • Develop a process to report to the fund’s board of directors or board of trustees the fund’s progress in preparing for compliance with the Final Rules.

                                  

1 The full text of the Final Rules can be found at https://www.sec.gov/rules/final/2016/33-10231.pdf.

2 The term “group of related investment companies” means two or more management companies (including series thereof) that:

(i) hold themselves out to investors as related companies for purposes of investment and investor services; and 

(ii) either: 

(A) have a common investment adviser or have investment advisers that are affiliated persons of each other; or

(B) have a common administrator; and 

In the case of a UIT, the term “group of related investment companies” shall mean two or more unit investment trusts (including series thereof) that have a common sponsor. 

3 Though SBICs file reports on Form N-CSR, they are not currently required to file reports on Form N-Q.

4 Because only the report on Form N-PORT for the last month of each fiscal quarter will be made public, the Final Rules require that funds provide return information for each month in the quarter.

5 A provision of financial support relates to whether an affiliated person, promoter or principal underwriter of the registrant provided any form of financial support to the registrant during the reporting period, but does not include, among other things, routine waiver of fees or reimbursement of a fund’s expenses. 

6 Current rule 12-12C has been renumbered as rule 12-12B.

7 The full text of the Proposing Release can be found at https://www.sec.gov/rules/proposed/2015/33-9776.pdf.

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.

© Eversheds Sutherland (US) LLP | Attorney Advertising

Written by:

Eversheds Sutherland (US) LLP
Contact
more
less

Eversheds Sutherland (US) LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at www.jdsupra.com) (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at privacy@jdsupra.com.

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to privacy@jdsupra.com. We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to privacy@jdsupra.com.

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at: privacy@jdsupra.com.

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at www.jdsupra.com) (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit legal.hubspot.com/privacy-policy.
  • New Relic - For more information on New Relic cookies, please visit www.newrelic.com/privacy.
  • Google Analytics - For more information on Google Analytics cookies, visit www.google.com/policies. To opt-out of being tracked by Google Analytics across all websites visit http://tools.google.com/dlpage/gaoptout. This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit http://www.aboutcookies.org which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.