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SEC proposes rules to modernise and enhance information reported by investment companies and investment advisers

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The US Securities and Exchange Commission (SEC) has proposed rules, forms and amendments to modernise and enhance the reporting and disclosure of information by investment companies and investment advisers.  

The new rules would enhance the quality of information available to investors and would allow the Commission to more effectively collect and use data provided by investment companies and investment advisers.

“These recommendations will vastly improve the type and format of the information that funds provide to the Commission and to investors,” says SEC Chair Mary Jo White. “Investors will have better quality and greater access to information about their fund investments and investment advisers, and the SEC will have more and better information to monitor risks in the asset management industry.”

The investment company proposals would enhance data reporting for mutual funds, ETFs and other registered investment companies. The proposals would require a new monthly portfolio reporting form (Form N-PORT) and a new annual reporting form (Form N-CEN) that would require census-type information.  The information would be reported in a structured data format, which would allow the Commission and the public to better analyse the information.  The proposals would also require enhanced and standardised disclosures in financial statements, and would permit mutual funds and other investment companies to provide shareholder reports by making them accessible on a website.

The proposed amendments to the investment adviser registration and reporting form (Form ADV) would require investment advisers to provide additional information for the Commission and investors to better understand the risk profile of individual advisers and the industry. The proposed amendments to Investment Advisers Act Rule 204-2 would require advisers to maintain records of performance calculations and communications related to performance.

The proposals will be published on the Commission’s website and in the Federal Register. The comment period for the proposed rules will be 60 days after publication in the Federal Register.

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