Rachael Schwartz was quoted on the Securities and Exchange Commission (SEC) decision to delay Form N-PORT electronic filing requirements. The announcement moves the deadline for large fund firms until April 2019 and until April 2020 for smaller fund groups. The extension from the original June 2018 deadline is a result of industry concerns over the SEC’s ability to safeguard the funds’ information from hackers.
However, though the filing deadline has been extended, the SEC is still requiring large fund firms to have the required data prepared by the original deadline.
Rachael said the announcement has been met with a complicated response from fund managers and overseers.
“It’s really a mix of what people had been asking for…. They’re not off the hook to comply, they just don’t have to actually file until April 2019. All the operational difficulties still have to be dealt with in terms of gathering all that information.”