As U.S. registered fund companies anticipate compliance with new regulations governing portfolio reporting and liquidity risk management, Northern Trust today announced an agreement with Donnelley Financial Solutions that will provide fund administration clients with an automated process for the collection, creation, review and filing of disclosure documents.
Under the agreement, Northern Trust will use Donnelley Financial’s ArcFiling solution to generate and submit the new N-PORT and N-CEN forms required under the reporting modernization rules as adopted by the Securities and Exchange Commission. The rules require U.S. mutual funds and other registered investment funds to disclose more extensive information in these forms while modernizing the format in which data is collected to enhance the SEC’s risk analysis capabilities. The data reporting rules, along with new liquidity requirements, will be implemented in 2018 in accordance with the SEC requirements.
“Northern Trust continually looks for ways to enhance our processes to help clients comply with regulatory rules,” said Dan Houlihan, head of Americas Global Fund Services at Northern Trust. “With the ArcFiling tool, we will be able to streamline automated and efficient filing processes for our clients. This allows our clients to focus on the liquidity risk management programs for their funds.”
The new reporting requirements will increase the volume and frequency of data collected, making an efficient process vital. The ArcFiling tool allows Northern Trust to better manage the data, form generation, review and sign off process as well as final submission of the forms in the required XML format to the SEC.
“We are very pleased to have the opportunity to meet the SEC modernization filing requirements of Northern Trust and its mutual fund clients,” said Eric Johnson, President of Global Investment Markets at Donnelley Financial Solutions. “Our ArcFiling solution is designed to make it easier and more efficient for administrators and funds to manage the significant, monthly volume that N-PORT will introduce.”