SEC Adopts New Reporting Rules For Mutual Funds

A split SEC today approved new rules addressing mutual fund disclosures and liquidity. Chair White and Commissioner Stein voted yes; Commissioner Piwowar voted no.

Here are the highlights of the new reporting modernization rules:

• A new monthly portfolio form, Form N-PORT, will require registered funds other than money market funds to provide portfolio-wide and position-level holdings data monthly. Data include:
  – Data related to pricing of portfolio securities
  – Information regarding repurchase agreements, securities lending activities and counterparty exposures
  – Terms of derivatives contracts
  – Discrete portfolio-level and position-level risk measures to better understand fund exposure to changes in market conditions