SEC Issues Proposed Investment Company Reporting Rules

Global financial regulators continue to push to dampen risk in the system and to improve their readiness to respond to the next crisis. After an initial focus on banks and insurance companies, that regulatory attention has been shifting to other sectors. Now certain regulators, notably the Financial Stability Board along with the International Organization of Securities Commissions, appear to be actively considering whether to expand "too big to fail" designations and accompanying oversight and restrictions to asset managers and investment funds. Against that backdrop, and perhaps to show that action by other regulators in this space is unnecessary, the US Securities and Exchange Commission proposes to dramatically expand reporting – both public and non-public – of portfolio and other data by US registered investment companies.