As significant federal regulation passed earlier this year begins to take effect, industry professionals are seeking greater guidance from the Securities and Exchange Commission on specific reporting mandates and examining the benefits of implementing optional requirements.
One such mandate is the filing of Form N-Q. The rule requires investment companies to provide complete portfolio schedules of investments to the SEC for the first and third fiscal quarters. Firms are required to submit the filing within 60 days at the end of a quarter. The rule also mandates that officers of the company, the principal executive officer (PEO) and the principal financial officer (PFO) certify that information is complete and accurate. The rule took effect in May, but firms only had to start coming into compliance and provide the reports for periods ending on or after July 9.