Newsflash: US SEC Approves Proposals to Modernize Reporting Requirements for Registered Investment Companies and Registered Investment Advisers

May 20, 2015

The U.S. Securities and Exchange Commission (SEC) today unanimously approved proposals (Proposals) to modernize the reporting of information provided by registered investment companies (funds) and registered investment advisers (advisers). Guided by the recent implementation of enhanced data reporting requirements for money market funds that make filings on Form N-MFP and for private funds that make filings on Form PF, the Proposals are designed to improve the quality and type of information that all funds and advisers provide to the SEC and investors. Among other things, certain new reporting requirements would be provided in a “structured data format,” which would allow the SEC to efficiently analyze the data to respond to market, fund-specific or adviser-specific events. As SEC Chair Mary Jo White stated at the open meeting at which the Proposals were approved, the Proposals would allow the SEC to have “more and better information to monitor risks in the asset management industry.”

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