SEC adopts rules and forms to modernize reporting requirements for registered investment companies. Issue 1 (2nd May 2017)

• Record Type: Journal Article
• Authors: Cohen, Stephen; Johnson, Megan; Brooks, Gary; Higgs, Brooke
• Is Part Of: Journal of investment compliance. Volume 18:Issue 1(2017)
• Page Start: 25
• Page End: 42
• Publication Date: 2017-05-02
• Subjects: U.S. Securities and Exchange Commission (SEC) -- Form N-CEN -- Form N-PORT -- Investment companies -- Regulation S-X -- Modernized reporting; Institutional investments -- Law and legislation -- Periodicals; Securities -- Periodicals; 332.6
• DOI: 10.1108/JOIC-02-2017-0012
• Languages: English
• ISSNs: 1528-5812

Abstract

Abstract : Purpose: To explain the new rules, forms, and amendments to current rules and forms (Final Rule) that the Securities and Exchange Commission (SEC) has adopted to modernize the reporting of information provided by registered investment companies (funds) and to improve the quality and type of information that funds provide to the SEC and investors. Design/methodology/approach: Discusses the background leading up to the Final Rule, provides an overview and summary of the Final Rule's key components, and highlights issues that may be raised by the new reporting regime. Findings: The Final Rule will have a significant effect on many funds. Funds will experience a substantially increased reporting burden with respect to both the frequency of reporting and the granularity of information required. Practical implications: Fund managers and fund service providers should begin to evaluate the impact of the Final Rule, the processes that will need to be implemented to prepare filings on new forms, and the changes in fund disclosure practices that will be required in response to the amendments to certain forms. Originality/value: Practical guidance from financial services lawyers specializing in the investment management industry.