On Friday, January 19, 2024, SEC staff of the Division of Investment Management published “Frequently Asked Questions” related to Tailored Shareholder Reports.
As additional questions arise, the staff may update this information. The release of the FAQ was timely based on the upcoming compliance date of July 24, 2024. The responses represent the staff views of the Division of Investment Management and are not rules, regulations or statements of the Commission.
Although the Commission has neither approved nor disapproved the answers to these FAQs, they provide guidance for issues raised since the October 2022 adoption of the rule and form amendments.
Among the important issues addressed in the FAQ are:
- Binding individual shareholder reports of multiple funds [Learn more]
- Form N-CSR and website availability requirements [Learn more]
- Compliance date and Inline XBRL issues
- Electronically provided shareholder reports
- Appropriate broad-based securities market index
Over the next several weeks, I will focus on the SEC responses and will provide more insights into the actions ’40 Act filers must consider to ensure compliance.
How Toppan Merrill can help
Toppan Merrill has been helping funds and variable product issuers with their required financial reporting and compliance requirements for decades. We continually monitor the SEC modernization updates and help with formatting, inline XBRL and website display architecture for the new Tailored Shareholder Report requirements. Our experts are in constant contact with the SEC to clarify rules and ensure our clients are in full compliance.
We offer simple and straightforward solutions that help you bring your filing and reporting into compliance. If you have any questions about the Tailored Shareholder Report Rule, client communications systems, or other matters concerning the 1940 Securities Act, the experts at Toppan Merrill can help. Connect with us or phone at 800.688.4400.
