SEC Delays Effective and Compliance Dates for Reporting Requirement Amendments

The U.S. Securities and Exchange Commission today pushed back the implementation timeline by two years for significant rule changes requiring registered investment funds to report portfolio details more frequently on Form N-PORT.

The amendments, originally adopted in August 2024, were intended to provide regulators and the public with more timely insights into fund holdings. However, the SEC announced the delay is necessary to allow the Commission time to complete a review of the amendments, prompted by a presidential memorandum, and determine if further actions, potentially including new proposed changes to Form N-PORT, are appropriate.

Under the extension, the compliance date for larger fund groups (those with $1 billion or more in net assets) is now Nov. 17, 2027, delayed from Nov. 17, 2025. Smaller fund groups will have until May 18, 2028, pushed back from May 18, 2026, to comply.

The original rule changes accepted last August aimed to significantly increase the frequency and public availability of fund portfolio data. The amendments would have required funds – including most mutual funds, closed-end funds, and certain ETFs – to file Form N-PORT monthly within 30 days, a shift from the current quarterly filing within 60 days. The rules also mandated making these monthly reports public 60 days after month-end, instead of only making the third month’s report public quarterly.

In August 2024, Gary Gensler, then-SEC chairman, stated the amendments would “benefit investors through greater transparency of funds’ investment portfolios and improve the Commission’s oversight of the asset management industry,” adding that “reliable, accessible data benefits everyone.” The goal was to triple the amount of Form N-PORT data available to investors annually.

The August 2024 rulemaking also included related amendments to Form N-CEN concerning reporting on liquidity risk management service providers and issued guidance on liquidity risk management programs. The delay announcement today specifically addressed the timeline for the Form N-PORT amendments.

The newly announced two-year delay provides investment funds and the Commission substantial additional time before the enhanced portfolio reporting requirements take effect.

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