SEC delays and redefines fund reporting—what it means for XBRL
The US Securities and Exchange Commission (SEC) has announced a two-year delay in the compliance dates for new reporting requirements under Form N-PORT, giving registered funds more time.
Larger fund groups now have until 17 November 2027 to comply, and smaller groups until 18 May 2028. This delay responds to a Presidential Memorandum directing the SEC to review the 2024 amendments to Form N-PORT, opening the door to potential further changes.
But this isn’t just a procedural extension. The SEC has also finalised a package of substantive amendments affecting both Form N-PORT and Form N-CEN. These include more frequent portfolio data reporting, requirements for standardised entity identifiers, and disclosures related to open-end fund liquidity risk management. While the Form N-PORT timeline is pushed back, Form N-CEN updates will still take effect on 17 November 2025.
The broader vision remains clear: more structured, timely, and transparent disclosures from investment companies. These rules reinforce the role of Inline XBRL—but they also reveal how much work still needs to be done to get the ecosystem aligned. Delays give the industry time—but that time needs to be used wisely.
Structured data isn’t the issue. It’s the solution. Now it’s up to filers, vendors, and regulators to ensure the reporting infrastructure is ready when the rules finally land.
