In Compliance Reporter, Investment Management Partner Advises Funds to Begin Compliance with Reporting Requirement Changes
Fund firms should begin preparing now to comply with recently adopted changes to their reporting requirements, even though they have 18 months before the compliance deadline, investment management partner Brian McCabe (Boston) cautioned in a Nov. 8 Compliance Reporter article. The article details that on Oct. 13, the SEC adopted new rules to modernize fund reporting, eliminating the existing Forms N-Q and N-SAR, and creating Form NPORT and Form NCEN. “It is absolutely not too early to start working on this,” Mr. McCabe states in the piece. Funds should also ensure that they “understand the processes around creating and compiling [information] … so that [they] … have a reasonably designed process to ensure compliance,” Mr. McCabe advises. The compliance deadline for Form N-CEN is June 1, 2018. For Form N-PORT, this is also the deadline for fund groups with more than $1bn in assets. Smaller fund groups have until June 1, 2019 to comply.