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The Securities and Exchange Commission (“Commission”) is amending the rule under the Investment Company Act of 1940 (“Investment Company Act” or “Act”) that addresses certain broad categories of investment company names that are likely to mislead investors about an investment company’s investments and risks. The amendments to this rule are designed to increase investor protection by improving, and broadening the scope of, the requirement for certain funds to adopt a policy to invest at least 80 percent of the value of their assets in accordance with the investment focus that the fund’s name suggests, updating the rule’s notice requirements, and establishing recordkeeping requirements. The Commission is also adopting enhanced prospectus disclosure requirements for terminology used in fund names, and additional requirements for funds to report information on Form N-PORT regarding compliance with the names-related regulatory requirements.
88 FR 70436
87 FR 63016
87 FR 36594
Last Reviewed or Updated: March 14, 2025
March 20, 2025
The compliance date for the amendments to rule 35d-1 under the Investment Company Act, and related prospectus disclosure and reporting requirements, adopted September 20, 2023 is extended to June 11, 2026 for fund groups with net assets of $1 billion or more as of the end of their most recent fiscal year and to December 11, 2026 for fund groups with less than $1 billion in net assets as of the end of their most recent fiscal year. As discussed in section I, the operation of the compliance date is modified to allow for compliance based on the timing of certain annual fund disclosure and reporting obligations that are tied to the fund’s fiscal yearend.
Public Comments