SEC Proposes to Amend Reporting and Disclosure Requirements for Investment Companies and Advisers (Fed. Reg.)

SEC proposals to amend (i) Form ADV and Investment Advisers Act rules, and (ii) rules and forms to modernize the reporting and disclosure of information by registered investment companies were published in the Federal Register.

The Form ADV amendments are designed to provide additional information regarding advisers, including information about their separately managed account business. The amendments are also designed to incorporate a method for private fund adviser entities operating a single advisory business to register using a single Form ADV. The amendments make clarifying, technical and other changes to certain Form ADV items and instructions. The SEC also proposed amendments to the Advisers Act books and records rule, as well as technical amendments to several Advisers Act rules to remove transition provisions.

The proposal to modernize investment company reporting and disclosure includes new Form N-PORT, which would require certain registered investment companies to report information about their monthly portfolio holding to the SEC, as well as amendments to Regulation S-X, new Rule 30e-3, new Form N-CEN, and would rescind current Forms N-Q and N-SAR. For further descriptions of both of the proposals, link here to Cabinet news story.

Comments on both proposals are due by August 11, 2015.

See: 80 FR 33717; 80 FR 33589.Related news: SEC Proposes Amended Reporting and Disclosure Requirements for Investment Companies and Advisers (with Mehta and Lofchie Comments and Delta Strategy Group Summary) (May 20, 2015); SEC to Hold Open Meeting on Proposals Regarding Registered Investment Companies and Advisers (May 14, 2015).