SEC Considering an Overhaul to Form N-SAR
The SEC is considering “substantial improvements” to Form N-SAR, including annual, rather than semi-annual filing, and updating the format, according to Norm Champ, the SEC’s Director of the Division of Investment Management. Form N-SAR is the semi-annual report that registered funds must file with the SEC. Mr. Champ indicated that the SEC is considering an “overhaul” including eliminating some required information elements and moving the format away from the current DOS format to a more “structured format.”
OUR TAKE: Modernizing Form N-SAR is long overdue. Much of the information required is redundant with other filings, and the DOS format is hard for most firms to follow without hiring a third party resource.