SEC Adopts Amendments to Correct and Update Forms

The SEC adopted rule changes to correct errors, update outdated references and conform language across recently amended forms and regulations.

The rule impacts money market funds, open-end and closed-end funds, investment advisers and related intermediaries, particularly regarding yield data calculations and risk disclosures in advertisements and registration forms. Key activities required by the rule include updated risk disclosures in fund advertisements to match prospectus language, accurate yield reporting on Form N-MFP and form updates in compliance with recent SEC regulatory changes. The amendments affect the following rules and forms:

(i) Securities Act Rule 482 ("Advertising by an investment company as satisfying requirements of section 10");

(ii) Securities Act and Investment Company Act Form N-1A ("Registration form for open-end management investment companies");

(iii) Securities Act and Investment Company Act Form N-2 ("Registration statement for closed-end management investment companies");

(iv) Securities Exchange Act and Investment Company Act Form N-CSR ("Certified shareholder report of registered management investment companies");

(v) Investment Company Act Form N-MFP ("Monthly Schedule of Portfolio Holdings of Money Market Funds"); and

(vi) Investment Advisers Act Rule 204-2 ("Books and records to be maintained by investment advisers").

The SEC also amended Rule 200.800 ("OMB control numbers assigned pursuant to the Paperwork Reduction Act") that displays control numbers assigned to information collection requirements by the Office of Management and Budget.

The final rule is effective upon its publication in the Federal Register.