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ARTICLE · 30 JANUARY 2024

SEC Staff Publishes FAQs On Tailored Shareholder Reports

K&L Gates
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This past Friday, the SEC staff issued a set of responses to FAQs on the Tailored Shareholder Reports (TSRs) Rule. While these responses only represent the views of the staff of the Division...

United StatesCorporate/Commercial Law
Cal Gilmartin
Cal Gilmartin
Abigail P. Hemnes
Abigail P. Hemnes

This past Friday, the SEC staff issued a set of responses to FAQs on the Tailored Shareholder Reports (TSRs) Rule. While these responses only represent the views of the staff of the Division of Investment Management and have no legal force or effect, they provide welcome clarity and guidance on certain elements of the Rule that had been the subject of discussion across the industry.

As a reminder, the compliance date for implementation of the Rule is just six months away. The new requirements will apply to all open-end mutual fund and exchange-traded fund annual and semi-annual shareholder reports transmitted to shareholders on or after July 24, 2024.

Key Takeaways

  • Indexes focused on emerging markets or developed markets or geographic regions such as Asia or Europe could qualify as an appropriate Broad-Based Securities Market Index (BBSMI).

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