The Securities and Exchange Commission has proposed rules, forms and amendments to augment reporting and disclosure by investment companies and advisers.
The changes would enhance data reporting for mutual funds, ETFs and other registered investment companies, the SEC said.
“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,” said SEC Chair Mary Jo White.
A new monthly portfolio reporting form (Form N-PORT) and annual reporting form (Form N-CEN) that seek census-type information in structured data format would be required. So, too, would enhanced and standardized disclosures in financial statements, which would permit mutual funds and other investment companies to provide shareholder reports by making them accessible on a website.
Proposed amendments to the investment adviser registration and reporting form (Form ADV) would also require advisers to provide additional information for the commission and investors to better understand their risk profile and that of the industry.
Finally, proposed amendments to Investment Advisers Act Rule 204-2 would require advisers to maintain records of the calculation of performance information that they distribute to anyone. Currently, they’re required to maintain information that is distributed to 10 or more persons.
The comment period for the proposed rules will be 60 days after publication in the Federal Register.
