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Discussing Tailored Shareholder Report Common Issues

The Division of Investment Management’s Disclosure Review and Accounting office (DRAO) is responsible for reviewing fund disclosures. During the monitoring of Tailored Shareholder Report (TSR) implementation, the SEC staff observed several recurring issues. The SEC recently released an industry advisory (ADI) related to findings from the early TSR production cycles related to shareholder reports and website disclosures to ensure compliance with Rule 30e-1.

ADIs are recurring publications that summarize the staff’s views regarding various requirements of federal securities laws.

iXBRL tagging of cybersecurity disclosures in SEC filings enhances transparency 

In 2023, the SEC adopted a final rule requiring public companies to provide specific disclosures regarding their material cybersecurity incidents and cybersecurity risk management. Beginning December 18, 2024, those cybersecurity disclosures will now need to be Inline XBRL tagged. Learn more about the new iXBRL mandate for cybersecurity disclosures and how to prepare.