Financial Transactions and Regulatory Compliance Review

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How Mutual Fund SEC Filings Compare to Corporate Issuer Filings

Our ETF and mutual fund teams are experts with the intricacies (and deadlines) of mutual fund reporting e.g. keeping track of the very subtle changes, prospectus-by-prospectus, across a trust.

Although the SEC filings for ’40 Act documents are no more “accurate” than ’33 and ’34 Acts, the process and volume of work, per client, can be much greater. Our WorkStream process diagram illustrates that.

Request our 2018 MF & ETF Calendar for even more clarity. 

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Corporate SEC filings compared with mutual fund SEC filings:

Corporate Issuer Filings

 

Securities Act of 1933

Mutual Fund and ETF Filings

 

Securities Act of 1933 and 1940

S-1: Initial IPO registration

N-1A: Initial fund registration

S-1/A: Pre-effective amendments 

N-1A/A: Pre-effective amendments

POS AM: Post-effective amendments

485APOS/485BPOS: Post-effective amendments

NA

485BPOS: Post-effective amendments with XBRL risk/return reporting

8-K: Current report

497: Supplement to prospectus

N-CR: Money Market Funds current report

N-LIQUID: Liquidity event reporting

10-Q: Quarterly report with XBRL

N-Q: Q1 and Q3 portfolio holdings report

NPORT-EX: Q1 and Q3 portfolio holdings report (effective June 1, 2018, replaces N-Q for fund groups with over $1 billion in assets under management)

NA

N-MFP2: Monthly portfolio holdings report for Money Market Funds

NPORT-NP/NPORT-P: Monthly portfolio holdings report for non-Money Market Funds

NA

N-CSRS: Semi-Annual shareholder report

NA

NSAR-A: Six-month financial-based report

NSAR-B: Year-end financial-based report

N-CEN: Annual census report (to replace NSAR-A/NSAR-B in mid-2018)

10-K: Annual report with XBRL

N-CSR: Annual shareholder report

 

 

DEF 14A: Definitive proxy statement, generally related to annual meeting

DEF 14A: Definitive proxy statement, infrequently required for mutual funds

NA

N-PX: Annual proxy voting record

S-4: Merger

N-14: Merger

NA

40-17G: Fidelity bond filing

 

Another differentiation is that, unlike a corporate S-1 issuer, N-1A funds have a three-tiered structure

  • Trust/Corporation:  the entity that has a CIK on the EDGAR system.
  • Series = Fund:  the specific fund in which you could invest
  • Class: most funds also have different share classes based on audience for that fund, e.g. Class A or Institutional Class

Lastly, a cost difference between the S-1 and N-1A filing processes is that N-1A don’t have a SEC filing fee nor do they typically work through the “aesthetic” typesetting and financial “ink on paper” printing process. This generally happens when the fund is ready to be marketed – at the 485APOS and 485BPOS (post-effective) stage.

Request our 2018 MF & ETF Calendar nowEach month is sorted by FYE.

Request our 2018 SEC Filing Calendar for Issuers 


Resources

Whitepaper: Corporate Disclosure, IR, and Social Media in the Age of Trump

Whitepaper: Technology and SEC Disclosure

Whitepaper: The State of the Unicorn: What will Happen Over the Next 12 Months?

Whitepaper: Confidential IPOs - The Upside of Filing in Private


 
 

Toppan Vintage

Toppan Vintage is a leading international financial printing, communications and technology company dedicated to delivering a hassle-free experience with the highest quality accuracy, reliability and value for your organization’s financial printing and communications needs.

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