Shearman Logo

balance scale

May 28, 2015

SEC Issues Proposed Investment Company Reporting Rules

Subscribe

Jump to...

 

Global financial regulators continue to push to dampen risk in the system and to improve their readiness to respond to the next crisis.  After an initial focus on banks and insurance companies, that regulatory attention has been shifting to other sectors.  Now certain regulators, notably the Financial Stability Board along with the International Organization of Securities Commissions, appear to be actively considering whether to expand “too big to fail” designations and accompanying oversight and restrictions to asset managers and investment funds. Against that backdrop, and perhaps to show that action by other regulators in this space is unnecessary, the U.S. Securities and Exchange Commission proposes to dramatically expand reporting – both public and non-public – of portfolio and other data by U.S. registered investment companies. 

The proposed new requirements are numbingly detailed, but can be distilled to the following:  There would be expansive monthly portfolio and risk reporting; more derivatives disclosures in fund financial statements; and a new annual “census-style” reporting form that would replace an obsolete existing SEC form.  As a modest sweetener, the agency also proposes to permit posting shareholder reports to a website instead of mailing them under certain circumstances.  This alert summarizes each of the proposals. A companion alert covers new reports proposed at the same time for investment advisers that file Form ADV with the SEC.

View full memo, SEC Issues Proposed Investment Company Reporting Rules

Authors and Contributors

Nathan Greene

Partner

Investment Funds

+1 212 848 4668

+1 212 848 4668

New York

John Adams

Partner

Investment Funds

+44 20 7655 5740

+44 20 7655 5740

London

Lorna Xin Chen

Partner

Investment Funds

+852 2978 8001

+852 2978 8001

Hong Kong

John (Sean) Finley

Partner

Investment Funds

+1 212 848 4346

+1 212 848 4346

New York

Laura Friedrich

Partner

Investment Funds

+1 212 848 7411

+1 212 848 7411

New York

Paul Schreiber

Of Counsel

Investment Funds

+1 212 848 8920

+1 212 848 8920

New York

Thomas Majewski

Counsel

Investment Funds

+1 212 848 7182

+1 212 848 7182

New York

John Reiss

Counsel

Investment Funds

+1 212 848 7669

+1 212 848 7669

New York