Commission Approves Amendments to Investment Company Reporting Requirements
On Wednesday, the Securities and Exchange Commission (SEC) voted 3-2 to adopt amendments to reporting requirements on Form N-PORT (portfolio holdings) and Form N-CEN. Currently registered funds file monthly reports on a quarterly basis within 60 days after the quarter-end. The new Form N-PORT amendments change the reporting requirements to 30 days after the end of the month. Each monthly report will be made public 60 days after the end of the month which it covers. The Commission also voted to amend Form N-CEN to require the reporting of “certain identifying information about the liquidity service providers and the asset classes for which the liquidity service providers are used.” The Commission also provided guidance related to open-end fund liquidity risk management program requirements. In a statement, SEC Chair Gary Gensler noted, “[t]hese amendments will benefit investors through greater transparency of funds’ investment portfolios and improve the Commission’s oversight of the asset management industry.”
The amendments finalized on Wednesday were part of a larger proposal the Commission released on November 2, 2022 titled, “Open-End Fund Liquidity Risk Management Programs and Swing Pricing; Form N-PORT Reporting.” The original proposal included a swing pricing mandate for open-end mutual funds, implementation of a ‘hard close’ requirement, and the removal of the “less liquid investment” liquidity bucket. After industry-wide pushback, as well as bipartisan opposition from Capitol Hill, none of these controversial proposals were adopted in the finalized amendments.
According to the SEC press release, “amendments to Forms N-PORT and N-CEN will become effective on November 17, 2025… except that fund groups with net assets of less than $1 billion will have until May 18, 2026, to comply with the Form N-PORT amendments.”
Click here to view a press release detailing the new amendments.
The amendments finalized on Wednesday were part of a larger proposal the Commission released on November 2, 2022 titled, “Open-End Fund Liquidity Risk Management Programs and Swing Pricing; Form N-PORT Reporting.” The original proposal included a swing pricing mandate for open-end mutual funds, implementation of a ‘hard close’ requirement, and the removal of the “less liquid investment” liquidity bucket. After industry-wide pushback, as well as bipartisan opposition from Capitol Hill, none of these controversial proposals were adopted in the finalized amendments.
According to the SEC press release, “amendments to Forms N-PORT and N-CEN will become effective on November 17, 2025… except that fund groups with net assets of less than $1 billion will have until May 18, 2026, to comply with the Form N-PORT amendments.”
Click here to view a press release detailing the new amendments.
Click here to view an SEC fact sheet on the new amendments.
Click here to read the adopting release.