SEC's New Specs for Form N-MFP
The Securities and Exchange Commission posted a "Notice to Form N-MFP Filers" that says, "The Form N-MFP technical specifications have been updated to incorporate the amendments to the form adopted by the Commission on July 23, 2014." Form N-MFP is the SEC's monthly Portfolio Holdings reporting form, which was initially mandated in November 2010 and modified with the 2014 Money Fund Reforms. Starting in April 2016, funds will have to alter their reporting on Form N-MFP, with the main changes being the removal of a 2-month lag and a tweaking of Portfolio Holdings categorizations. It explains, "Filers should be aware of the following: Filers should not make any Form N-MFP filings constructed using the updated technical specifications at this time. Filers will be able to submit test filings following EDGAR Release 15.4 later this year. For current N-MFP filings, filers should continue to construct submissions using the "EDGAR Form N-MFP XML Technical Specification (Version 3.1)." You can download the new specs here. For more, see our August 6, 2014, News, "SEC Money Fund Reform Disclosure Requirements Not Quite Kitchen Sink." We wrote then, "[T]he SEC included a host of enhanced disclosures and reporting requirements in its Money Fund Reform package.... The new rules ... will require funds to disclose daily on their web site daily and weekly assets, inflows/outflow, and market NAVs per share, as well as whether there has been any imposition of gates and fees, or any use of affiliate sponsor support. It will also remove the delay in disclosing monthly portfolio holdings via Form N-MFP, among other stipulations." In other news, CNBC reports, "Fed's Dudley: Fed will likely raise rates later this year." It says, "New York Federal Reserve Bank President William Dudley said on Monday the Fed remains on track for a likely rate hike this year and could reach its inflation target next year, faster than many other policymakers anticipate. Dudley said the first hike could come as soon as October as policymakers take stock of an improving economy. The Fed "will probably raise rates later this year," with the Oct. 27-28 session "live" for the rate hike debate, Dudley said at an event sponsored by the Wall Street Journal in New York. The Fed also meets in December."
