US SEC poised to require monthly reports on investment fund holdings
WASHINGTON, Aug 28 (Reuters) -Wall Street's top regulator is set to approve new rule changes on Wednesday that require mutual funds and exchange-traded funds to report portfolio holdings on a monthly basis rather than four times a year, bringing greater transparency to investors, officials said.
The five-member U.S. Securities and Exchange Commission is due to hold a public meeting at 10:00 am Wednesday. However, in a retreat from earlier plans, the agency will not consider more substantial proposed "swing pricing" regulations which have faced stiff industry opposition.
The SEC is due to instead limit guidance to complying with existing, related regulations that govern how "open-end" funds manage liquidity risk, SEC officials told reporters in advance of the vote. In such funds, investors may redeem their shares on a daily basis.
The swing pricing proposal aimed to help open-end funds better withstand market stresses, like those seen at the start of the coronavirus pandemic, by shifting the costs of hasty redemptions to those who cash out rather than those who remain in the fund. The agency disclosed last month that it expects to re-draft the proposal.
Under current reporting rules, registered investment management companies are required to file quarterly reports on portfolio holdings with the commission 60 days after the close of each quarter. But investors only gain access to data that cover the third month of the quarter.
Under the rule amendments due to be considered Wednesday, the same funds would be required to file those reports within 30 days of the end of each month, with each such report becoming public after a further 30 days.
The improved transparency will help investors make decisions and promote analysis by third parties, according to the SEC.
If adopted, the regulations are set to take effect in November next year or May of 2026 for funds with net assets of $1 billion or less.
The guidance due to be considered on Wednesday will also address questions and concerns the agency became aware of through outreach and monitoring of markets, SEC officials said.
These include how frequently open-end funds classify their assets' liquidity, meaning how readily they can be sold for cash, the meaning of the word "cash" as it's used in the regulation, and reviewing required minimums for highly liquid investments.
Reporting by Douglas Gillison; Editing by Edwina Gibbs
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
