SEC Proposes Amendments to Form N-PORT and Extends Names Rule Reporting Compliance Dates

Who may be interested: Registered Investment Companies; Boards of Directors; Investment Advisers; Compliance Officers; Fund Administrators  

Quick Take:  The SEC proposed amendments to Form N‑PORT that would extend filing deadlines, reduce the frequency of public reporting, streamline reporting requirements, and eliminate “Names Rule” reporting from the form. Separately, the SEC extended the compliance dates for Names Rule‑related Form N‑PORT reporting, giving fund complexes additional time to prepare while the SEC evaluates the proposed changes. 

On February 18, 2026, the SEC announced proposed amendments (the “Proposed Amendments”) to Form N-PORT that would revise reporting obligations for certain registered funds, including registered closed-end funds and exchange-traded funds operating as unit investment trusts. The Proposed Amendments follow the SEC’s ongoing review of the 2024 amendments to Form N-PORT, pursuant to a Presidential Memorandum¹ issued in January of 2025, and incorporate feedback received from market participants.

Proposed Amendments to Form N‑PORT

If adopted, the Proposed Amendments would:

• Extend filing deadlines by 15 days for monthly Form N-PORT reports, reducing the potential for errors and resubmissions.
• Reduce public reporting frequency from monthly to quarterly, limiting the risks associated with frequent public disclosure of portfolio holdings, such as external parties using information about a fund’s portfolio holdings in ways that increase costs for the fund and its shareholders.
• Streamline reporting requirements by modifying or removing certain reported information, including eliminating “Names Rule” reporting, and by adding information about funds with ETF share classes.

If adopted, the changes are intended to ease monthly operational burdens, reduce holdings‑based disclosure risk, and simplify reporting workflows for fund administrators and advisers.

Extension of Names Rule Reporting Compliance Dates

Concurrently, the SEC extended the compliance dates for Form N‑PORT “Names Rule” reporting requirements, giving funds additional time to prepare while the SEC considers whether to eliminate these requirements through the Proposed Amendments.

Under the extension:

• Large fund groups (≥ $10 billion in net assets) must comply by November 17, 2027.
• Smaller fund groups (< $10 billion) must comply by May 18, 2028.

The proposing release for the Proposed Amendments will be published in the Federal Register, and the public comment period will remain open for 60 days following publication.

The SEC Press Release regarding the Proposed Amendments and extension of Names Rule compliance dates is available here and the proposed rule is available here.

¹ The SEC’s review of the 2024 Form N‑PORT amendments was conducted pursuant to the January 20, 2025 Presidential Memorandum, which directed federal agencies to pause, withdraw, or delay pending regulatory actions for review by incoming agency leadership. See Memorandum on “Regulatory Freeze Pending Review,” 90 Fed. Reg. 8249 (Jan. 28, 2025), available at https://www.whitehouse.gov/presidential-actions/2025/01/regulatory-freeze-pending-review/.