The SEC proposed amendments to Form N-PORT that would give registered investment companies an additional 15 days to file monthly portfolio reports and reduce public disclosure of fund holdings from monthly to quarterly. The changes follow a review mandated by a Presidential Memorandum of the 2024 amendments to Form N-PORT.
"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."
The proposal would streamline certain reporting requirements, including eliminating "Names Rule" reporting, while adding new disclosure requirements for funds with exchange-traded fund share classes. The SEC said the changes are designed to reduce the potential for filing errors and resubmissions while protecting fund shareholders from risks associated with more frequent public disclosure.
The agency said external parties could use portfolio information in ways that increase costs for funds and shareholders, making quarterly rather than monthly public reporting preferable.
In a separate action, the SEC extended compliance dates for Form N-PORT's Names Rule reporting requirements to November 17, 2027, for fund groups with $10 billion or more in net assets and May 18, 2028, for smaller fund groups. The extension provides additional time for the industry to consider the proposed amendments and avoids implementation costs for requirements the Commission is proposing to eliminate.
The proposing release will be published in the Federal Register, triggering a 60-day public comment period.