September 12, 2024
What happened?
On August 28th, 2024, the SEC (Securities and Exchange Commission) announced in a press release that it adopted amendments to Form N-PORT and Form N-CEN. These amendments are intended to provide more transparency to the SEC and to investors. These amendments will adjust some reporting and timing requirements for both forms.
According to the SEC release, the amendments to Form N-PORT will allow the Commission and investors to have timelier access to more information about certain registered investment companies (funds). It will also give investors access to triple the amount of Form N-PORT data to investors each year. The Amendments to Form N-CEN will allow the Commission to track certain liquidity risk management practices.
Additional details on these changes, and what you may need to know, are outlined below.
Amendments to Form N-PORT
The Form N-PORT amendments will require funds that are required to report on the form (generally registered open-end funds, registered closed-end funds, and exchange-traded funds organized as unit investment trusts) to file reports monthly within 30 days after the end of the month to which they relate. Current requirements are on a quarterly basis within 60 days after quarter end.
Funds’ monthly reports on Form N-PORT will be available to the public 60 days after the end of each month instead of every third month of a quarter only.
Amendments to Form N-CEN
Form N-CEN amendments will require open-end funds that are subject to report certain information about service providers used to fulfill liquidity risk management program requirements so that the SEC can track certain liquidity risk management practices.
What does this mean for me?
The effective date for both adopted amendments is November 17, 2025. Funds will generally be required to comply with the amendments for reports filed on or after that date, except for fund groups with net assets of less than $1B – will have until May 18, 2026, to comply with Form N-PORT requirements.
