The U.S. Securities and Exchange Commission (SEC) adopted important amendments to Form N-PORT and Form N-CEN reporting requirements. These changes aim to strengthen the SEC’s oversight of the asset management industry and improve transparency for investors.
Why These Changes Matter
The SEC uses fund filings to monitor industry trends, spot risks, and inform policymaking and enforcement actions. Previously, funds had to maintain monthly portfolio data internally but only file it quarterly—delaying the SEC’s access to critical market information. In today's fast-moving environment, the Commission sees a greater need for timely, monthly data to detect and respond to market stresses as they arise.
Key Benefits for Investors:
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More frequent access to fund portfolio information.
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Better insights into fund strategies, holdings, and liquidity practices.
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Enhanced third-party analysis by investment advisers, broker-dealers, and financial data providers.
Timeline for Compliance
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Effective Date: November 17, 2025.
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General Compliance: Funds must comply for reports filed after this date.
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Small Fund Groups Exception: Funds with net assets under $1 billion have until May 18, 2026 to comply with the Form N-PORT changes.
Highlights of the New SEC Amendments
Here’s a breakdown of the major updates:
1. Form N-PORT Filing and Disclosure Frequency
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Funds must now file Form N-PORT monthly, within 30 days of each month-end.
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Public disclosure of these reports will occur 60 days after month-end.
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Funds are no longer required to maintain internal-only records for 30 days; timely filing satisfies recordkeeping needs.
2. Form N-CEN Liquidity Risk Reporting
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Open-end funds must report specific information about service providers they use to comply with liquidity risk management rules (Rule 22e-4).
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Required disclosures include identifying liquidity service providers and the types of asset classes covered.
3. Liquidity Risk Management Program Guidance
The SEC also issued new guidance clarifying:
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How often funds should classify investment liquidity.
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What qualifies as "cash" under the liquidity rules.
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How to determine and periodically review highly liquid investment minimums.
Final Thoughts
These amendments mark a major step toward a more transparent and resilient asset management industry. By accelerating access to fund data and enhancing liquidity risk oversight, the SEC aims to protect investors and better monitor systemic risks. Registered investment companies should begin preparing their systems and workflows now to meet the upcoming deadlines.