SEC Proposes N-PORT Amendments

On February 18, the SEC proposed amendments to Form N-PORT requirements to lessen reporting obligations for registered funds and concurrently extended compliance dates for Form N-PORT related Names Rule disclosure requirements. The N-PORT amendments are designed to maintain public access to fund data and the SEC’s use of it while reducing operational burdens for registrants.

The N-PORT amendments provide funds with 15 additional days to file monthly N-PORT filings, change the publication frequency of the reports from monthly to quarterly and streamline and remove certain reporting requirements, including Names Rule disclosure.  The N-PORT amendments also propose the inclusion of new information about funds with ETF share classes. The updated compliance dates for the Form N-PORT amendments are November 17, 2027, for fund groups with net assets of $10 billion or more and May 18, 2028, for fund groups with less than $10 billion in net assets as of the end of their most recent fiscal year.

Independent directors may note that the N-PORT amendments likely reflect SEC priorities regarding what fund data they deem to be material for their regulatory oversight as well as public access. In addition, directors should note that Names Rule requirements are still in effect, but N-PORT is no longer intended to be used as a surveillance tool for its enforcement. 

Click here to read the SEC’s Press Release.

Click here to read the SEC’s Fact Sheet.

Click here to read the SEC’s N-PORT Amendments Proposing Release.

Click here to read the SEC’s Final Rule Release extending the Names Rule compliance dates.