SEC Delays Compliance Dates for Fund Reporting Rule

The SEC extended the effective and compliance dates for amendments to investment company reporting requirements. The extension gives registered funds two additional years to prepare for enhanced portfolio and liquidity disclosures. 

The final rule sets the compliance date for larger fund groups to November 17, 2027 (from November 2025), while smaller fund groups will now have until May 18, 2028, (rather than May 18, 2026).

As previously covered, the rule changes—originally adopted in August 2024—require reporting by registered investment companies ("RICs") on portfolio holdings (on Form N-Port) and liquidity risk management (on Form N-CEN). The amendments: (i) require funds to file Form N-PORT reports for a given month within 30 days of the end of that month; (ii) make monthly Form N-PORT reports available to the public with a 60-day delay; and (iii) require information about service providers that open-end funds use to comply with requirements under ICA Rule 22e-4 ("Liquidity risk management programs").

The SEC said the delay will allow time to complete a review of the amendments to determine whether further changes to Form N-PORT are warranted. The SEC said the extension is consistent with a Presidential Memorandum pausing the adoption of proposed rules. (See related coverage.)