Securities and Exchange Commission November 18, 2016 – Federal Register Recent Federal Regulation Documents

Proposed Collection; Comment Request
Document Number: 2016-27750
Type: Notice
Date: 2016-11-18
Agency: Securities and Exchange Commission, Agencies and Commissions
Proposed Collection; Comment Request
Document Number: 2016-27749
Type: Notice
Date: 2016-11-18
Agency: Securities and Exchange Commission, Agencies and Commissions
Order Approving Public Company Accounting Oversight Board Supplemental Budget for Calendar Year 2016
Document Number: 2016-27708
Type: Notice
Date: 2016-11-18
Agency: Securities and Exchange Commission, Agencies and Commissions
Investment Company Reporting Modernization
Document Number: 2016-25349
Type: Rule
Date: 2016-11-18
Agency: Securities and Exchange Commission, Agencies and Commissions
The Securities and Exchange Commission is adopting new rules and forms as well as amendments to its rules and forms to modernize the reporting and disclosure of information by registered investment companies. The Commission is adopting new Form N-PORT, which will require certain registered investment companies to report information about their monthly portfolio holdings to the Commission in a structured data format. In addition, the Commission is adopting amendments to Regulation S-X, which will require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The Commission is adopting new Form N-CEN, which will require registered investment companies, other than face-amount certificate companies, to annually report certain census-type information to the Commission in a structured data format. The Commission is adopting amendments to Forms N-1A, N-3, and N-CSR to require certain disclosures regarding securities lending activities. Finally, the Commission is rescinding current Forms N-Q and N-SAR and amending certain other rules and forms. Collectively, these amendments will, among other things, improve the information that the Commission receives from investment companies and assist the Commission, in its role as primary regulator of investment companies, to better fulfill its mission of protecting investors, maintaining fair, orderly and efficient markets, and facilitating capital formation. Investors and other potential users can also utilize this information to help investors make more informed investment decisions.
Investment Company Liquidity Risk Management Programs
Document Number: 2016-25348
Type: Rule
Date: 2016-11-18
Agency: Securities and Exchange Commission, Agencies and Commissions
The Securities and Exchange Commission is adopting new rules, a new form and amendments to a rule and forms designed to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The amendments also seek to enhance disclosure regarding fund liquidity and redemption practices. The Commission is adopting new rule 22e-4, which requires each registered open-end management investment company, including open-end exchange- traded funds (``ETFs'') but not including money market funds, to establish a liquidity risk management program. Rule 22e-4 also requires principal underwriters and depositors of unit investment trusts (``UITs'') to engage in a limited liquidity review. The Commission is also adopting amendments to Form N-1A regarding the disclosure of fund policies concerning the redemption of fund shares. The Commission also is adopting new rule 30b1-10 and Form N-LIQUID that generally will require a fund to confidentially notify the Commission when the fund's level of illiquid investments that are assets exceeds 15% of its net assets or when its highly liquid investments that are assets fall below its minimum for more than a specified period of time. The Commission also is adopting certain sections of Forms N-PORT and N-CEN that will require disclosure of certain information regarding the liquidity of a fund's holdings and the fund's liquidity risk management practices.
Investment Company Swing Pricing
Document Number: 2016-25347
Type: Rule
Date: 2016-11-18
Agency: Securities and Exchange Commission, Agencies and Commissions
The Securities and Exchange Commission is adopting amendments to rule 22c-1 under the Investment Company Act to permit a registered open-end management investment company (``open-end fund'' or ``fund'') (except a money market fund or exchange-traded fund), under certain circumstances, to use ``swing pricing,'' the process of adjusting the fund's net asset value (``NAV'') per share to effectively pass on the costs stemming from shareholder purchase or redemption activity to the shareholders associated with that activity, and amendments to rule 31a- 2 to require funds to preserve certain records related to swing pricing. The Commission is also adopting amendments to Form N-1A and Regulation S-X and a new item in Form N-CEN, all of which address a fund's use of swing pricing.