SEC’s Form N-PORT Reforms Will Protect Fund Shareholders

The Commission’s new proposal calls for strong oversight while reducing unnecessary reporting burdens

Washington, DC; April 24, 2026—The Investment Company Institute (ICI) filed today a letter strongly supporting the Securities and Exchange Commission’s (SEC) proposal to amend Form N-PORT. The new SEC proposal rectifies the not-yet-effective 2024 amendments to the form, adopted under the previous SEC leadership, which ICI concluded to be unworkable. The new proposal will support timely oversight while protecting fund shareholders.

ICI President and CEO Eric J. Pan released the following statement on the proposal:

“ICI welcomes the commission's recognition that Commission for recognizing that the 2024 amendments would have imposed outsized costs and risks on funds and their shareholders. The previous amendments would have increased the risk of predatory trading and imposed unnecessary and heavy burdens on funds.

“We strongly support the more measured approach Chairman Atkins is taking, which will protect all funds and their shareholders. These proposed changes appropriately refine the balance between regulatory insight and operational feasibility.

“We also applaud the Commission for taking a holistic view of the form and proactively recommending additional changes to streamline and eliminate unnecessary data requests that impose meaningful burdens with little corresponding regulatory value. 

“ICI looks forward to working with Chairman Atkins and the SEC staff on the implementation of this proposal to help our members better serve more than 125 million Americans investors.”

Read the full letter here.