SEC Publishes New FAQ on Form N-CEN

April 28, 2021

The staff of the SEC’s Division of Investment Management (Staff) maintains FAQs regarding the SEC’s fund reporting modernization reforms adopted in October 2016 and revised in December 2017 and January 2019. The FAQs address compliance dates and general filing obligations, Regulation S-X and Forms N-PORT and N-CEN.

The Staff recently added a new FAQ on Form N-CEN that describes three examples of methodologies a fund could use to calculate the “monthly average of the value of portfolio securities on loan” and the “monthly average net assets during the reporting period” in response to Items C.6.f and C.19.a, respectively, items that relate to the reporting of information on a fund’s securities lending activities. The Staff indicated that a range of calculation methodologies could provide a reasonable representation of a fund’s activities.

The FAQs are available at: https://www.sec.gov/investment/investment-company-reporting-modernization-faq


Categories

Compliance, Investment Companies, Regulatory