SEC proposes new reporting requirements for investment companies, advisers

Commission seeks better information for investors.

Investment companies and investment advisers would face new reporting requirements under proposed SEC rules.

The proposed rules are designed to provide better information to investors and allow the SEC to more efficiently collect and use data provided by investment companies and investment advisers.

Data reporting for mutual funds, exchange-traded funds, and other registered investment companies would change under the proposals for investment companies. These proposals would require:

  • A new portfolio form (Form N-PORT) and a new annual reporting form (Form N-CEN) that would require census-type information. This information would be reported in a structured data format.
  • Enhanced and standardized disclosures in financial statements. Mutual funds and other investment companies would be permitted to provide shareholder reports by making them accessible on a website.

Proposed changes to the investment adviser registration and reporting form (Form ADV) would require additional information to help the SEC and investors to better understand the risk profile of individual advisers and the industry. Advisers would be required to maintain records of performance calculations and communications related to performance.

The SEC will accept comments for 60 days after publication in the Federal Register.


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