SEC Moves to Reduce Burdensome Fund Reporting Requirements

Washington, DC; February 18, 2026— The Investment Company Institute (ICI) issued the following statement in response to the Securities and Exchange Commission’s (SEC) proposed amendments to portfolio reporting requirements.

“ICI commends Chairman Atkins for his significant step today to alleviate burdensome fund reporting requirements, and for his leadership in making government work for the people it serves—in this case, American retail investors. 

“The SEC's action recognizes the potential for harmful predatory trading and the unnecessary burdens on fund resources that the previous leadership’s 2024 changes to Form N-PORT would have created. The proposed changes, including extended monthly filing deadlines and reverting to quarterly public filings, will protect funds and their investors from these negative outcomes.

“ICI has been clear that a monthly cadence of publicly disclosed portfolio holdings runs a serious risk of exposing funds and their investors to front-running and copycat strategies. This would increase transaction costs and dilute returns, especially for actively managed funds. The return to quarterly public reporting alleviates this risk while allowing funds the discretion to provide public holdings information on a more frequent basis as they deem appropriate.

“We also strongly support the Commission’s proposal to eliminate the names rule-related disclosures and its action to extend compliance dates for N-PORT reporting related to the Names Rule, as well as the staff’s additional helpful guidance for fund firms on implementation. The extension will provide more time for the Commission to consult with fund firms and reconsider unnecessary requirements imposed in 2023. 

“ICI will continue to advocate for reporting requirements that make sense for investors and prioritize transparency without undue costs or risks to investor returns, and we welcome the SEC’s leadership as we work towards these common goals.”