Last updated: 07:01 / Wednesday, 27 May 2015
New Portfolio Reporting Form

SEC Proposes Rules To Modernize Information Reported By Investment Advisors

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SEC Proposes Rules To Modernize Information Reported By Investment Advisors

The Securities and Exchange Commission yesterday proposed rules to “modernize and enhance” the reporting and disclosure of information by investment companies and advisors.

The aim would be to increase the quality of information available to investors and allow the Commission to more effectively collect and use data.

“These recommendations will vastly improve the type and format of the information that funds provide to the Commission and to investors,” said SEC Chair Mary Jo White.  “Investors will have better quality and greater access to information about their fund investments and investment advisors, and the SEC will have more and better information to monitor risks in the asset management industry.”

The SEC said the investment company proposals would enhance data reporting for mutual funds, ETFs and other registered investment companies, requiring a new monthly portfolio reporting form and annual reporting form.

“The information would be reported in a structured data format, which would allow the Commission and the public to better analyze the information,” the SEC said. “The proposals would also require enhanced and standardized disclosures in financial statements, and would permit mutual funds and other investment companies to provide shareholder reports by making them accessible on a website.”

The proposed amendments to Investment Advisers Act Rule 204-2 would require advisors to maintain records of performance calculations and communications related to performance.

The comment period for the proposed rules will be 60 days after publication in the Federal Register.

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