SEC Issues Final Form N-SAR, Proposes Fund Shareholder Report, Certification Rules
I. Final Rules – Form N-SAR.
As mandated by Section 302 of the Sarbanes -Oxley Act, the SEC adopted rules and form changes that will require (1) registered investment company ("Fund") principal executive officers and principal financial officers (or persons performing similar functions) to make specified certifications in Fund reports filed with the SEC on Form N-SAR (each, an "N-SAR") and (2) Funds to maintain and periodically evaluate disclosure controls and procedures designed to ensure that information required to be disclosed in N-SARs and other reports under the Securities Exchange Act of 1934, as amended (the "1934 Act"), complies with SEC requirements. Form N-SAR elicits a range of information regarding the reporting Fund, including data from financial statements for the relevant annual or semi-annual time period, but does not require that Fund financial statements themselves be filed. Form
