N-PORT levels of disclosure expected for Europe
US Securities and Exchange Commission-level disclosure known as N-PORT, which covers portfolio holdings, should be expected by managers in Europe as regulatory developments continue in the region, according to Neill Vanlint, managing director, Global Sales & Client Operations at GoldenSource.
The comment came following the announcement that Jackson National Asset Management had selected GoldenSource to provide a fully hosted and scaleable data management platform.
Jackson National is registered with the US Commodity Futures Trading Commission, is a member of the National Futures Association, and provides investment advisory, and fund accounting and administration services to a number of funds in the US. GoldenSource provides data management services. The deal came about, the parties suggest, because of increasing regulatory requirements, including requirements for structured data stemming from the N-PORT and N-CEN filings with the SEC. Jackson National required a central data repository as well as integration of different data suppliers.
Vanlint said: “Form N-PORT goes beyond European investment company reporting, such as the monthly Transaction Reporting as required by the FCA. Form N-PORT requires reporting of a fund’s complete portfolio holdings on a position-by-position basis, plus portfolio level information to facilitate risk analysis and oversight by the SEC. European investment firms can expect similar levels of vigilance as regulations evolve.”
The N-PORT requirements were adopted by the SEC in October 2016, with the earliest compliance date set for 1 June, 2018. The Commission said the rules were adopted “to enhance transparency and modernise reporting requirements for registered investment companies.”
“Form N-PORT is to be used by registered funds other than money market funds and small business investment companies to report series level portfolio data to the SEC on a monthly basis. Form N-CEN is to be used by registered funds to annually report certain census-type information to the SEC on both a registrant and also a series level.”