Tuesday, August 25, 2015

More Filings and Regulations on the Way for Investment Advisers and Investment Companies

 The SEC is proposing to increase the reporting and disclosure requirements for Registered Investment Advisers and Investment companies.

The investment company proposals would increase data reporting for mutual funds, ETFs and other registered investment companies.  The proposals would require a new monthly portfolio reporting form and a new annual reporting form that would require census-type information.  The information would be reported in a structured data format, which would allow the Commission and, in theory, the public, to better analyze the information.  The proposals would also require enhanced and standardized disclosures in financial statements, and would permit mutual funds and other investment companies to provide shareholder reports by making them accessible on a website.

The proposed amendments to the investment adviser registration and reporting form (Form ADV) would require investment advisers to provide additional information for the Commission and investors to better understand the risk profile of individual advisers and the industry. The proposed amendments to Investment Advisers Act Rule 204-2 would require advisers to maintain records of performance calculations and communications related to performance.

 The proposals will be published on the Commission’s website and in the Federal Register.  The comment period for the proposed rules will be 60 days after publication in the Federal Register.

The press release detailing the proposal, with links to the comment section is available at the SEC web site: SEC Proposes Rules to Modernize and Enhance Information Reported by Investment Companies and Investment Advisers


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