Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

SEC to delay mutual fund disclosures in cybersecurity push

Published 12/08/2017, 04:55 PM
Updated 12/08/2017, 05:00 PM
© Reuters. Jay Clayton, S.E.C. Chairman speaks to the Economic Club of New York

By Pete Schroeder

WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission said on Friday it would delay new submissions of portfolio data by mutual funds, as the regulator beefs up its cybersecurity.

Large mutual funds will have an extra nine months before they are required to submit monthly details about their portfolio holdings to the agency. Instead, funds will be able to hold that information internally and provide it to the regulator upon request.

The delay comes as the SEC reviews its cybersecurity protocols after a 2016 hack of its EDGAR filing system. That breach was first disclosed by the SEC in September.

"Today's Commission action is a prudent step as we continue our work to uplift EDGAR and other systems and assess our data needs, including how and when we collect market-sensitive data," SEC Chairman Jay Clayton said.

Originally, the SEC was going to require large funds to begin submitting data through EDGAR on June 1, 2018, with smaller funds set to begin doing the same one year later.

But now large funds will have until April 2019 before submitting that information, and April 2020 for smaller funds.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.