December 4, 2024
On November 8, 2024, the SEC’s Division of Investment Management’s Disclosure Review and Accounting Office (DRAO) published key takeaways based on their review and monitoring of Tailored Shareholder Report implementation. The staff has identified several recurring issues in this report.
At a high-level, the staff has observed the following recurring issues in its review of the Tailored Shareholder Reports for the following sections and topics:
Additionally, the staff notes some reports included lengthy disclosures that are not required or permitted. The staff recommends removing these and to only include contents that are required or permitted under Item 27A of Form N-1A.
Furthermore, Information in shareholder reports should be presented in the same order as is required under Item 27A of Form N-1A.
Lastly, disclosures that may be inapplicable may be omitted.
We recommend that all Funds also review our more in-depth overview of the report, available here, which includes more details on each of the sections as well as recommendations.
FilePoint’s team of regulatory experts has reviewed this report and can ensure we are meeting these requirements and recommendations provided by the SEC. If you have any questions, or if you need guidance on your next round of Tailored Shareholder Reports, let us know and a regulatory expert will be in touch.
