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    Home /  Insights /  Memos and Newsletters /  Memo
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    SEC Issues Liquidity Rule Guidance and Adopts Amendments to Forms N-PORT and N-CEN

    The Final Amendments Restore More Frequent Reporting of Form N-PORT Information to the SEC, Establish More Frequent Public Disclosure and Introduce New Reporting Requirements in Connection with Liquidity Service Providers

    September 12, 2024 | min read |
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    On August 28, 2024, the Securities and Exchange Commission voted 3-2 to adopt amendments to reporting requirements for funds on Form N-PORT and Form N-CEN, as well as to provide guidance related to compliance with rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which governs open-end fund liquidity risk management. The amendments were part of the SEC’s November 2, 2022 proposal to significantly amend the Liquidity Rule and rule 22c-1 under the 1940 Act to mandate swing pricing. The amendments to Forms N-PORT and N-CEN were adopted substantially as proposed. The compliance date for the amendments is November 17, 2025, with the exception of the Form N-PORT amendments for fund groups with net assets of less than $1 billion as of the most recent fiscal year, which have a compliance date of May 18, 2026.

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