The Securities and Exchange Commission proposed amendments to Form N-PORT that would reduce reporting burdens for registered investment companies while extending filing deadlines and cutting public disclosure requirements. The changes follow a review mandated by a Presidential Memorandum of amendments the Commission made to the form in 2024.
Under the proposal, funds would receive an additional 15 days to file monthly portfolio reports, which the SEC said is "designed to reduce the potential for errors and resubmissions." The agency would also reduce publication of reports from monthly to quarterly.
The SEC said reducing public disclosure frequency would "protect a fund's shareholders by reducing the risks of more frequent public disclosure, such as external parties using information about a fund's portfolio holdings in ways that increase costs for the fund and its shareholders."
The proposed amendments would also streamline or remove certain reported information, including removing "Names Rule" reporting, and add information about funds with share classes that operate as exchange-traded funds.
"Reducing unnecessary reporting burdens and increasing efficiency in disclosure requirements is a top priority of the Commission," said SEC Chairman Paul S. Atkins. "This proposal provides registrants additional time to file the form, refines reporting items, and reduces the frequency of public reporting of fund portfolio holdings – all the while retaining insight into funds' portfolio-related issues."
In a separate action, the Commission extended compliance dates for Form N-PORT reporting requirements related to the "Names Rule" under the Investment Company Act of 1940. The new compliance dates 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.
The proposing release will be published in the Federal Register, with the public comment period remaining open for 60 days after publication.