United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2003_register executive 2010-09-23 article Part II Rules and Regulations D09002ee1c81858a3 D09002ee1c8185981 United States Securities and Exchange Commission originator org United States Government Agency or Subagency The Securities and Exchange Commission is adopting rule and form amendments that require registered management investment companies to file certified shareholder reports on Form N-CSR with the Commission, and designating these certified reports as reports that are required under Sections 13(a) and 15(d) of the Securities Exchange Act of 1934 and Section 30 of the Investment Company Act of 1940. The amendments require each registered management investment company's principal executive and financial officers to certify the information contained in these reports in the manner specified by Section 302 of the Sarbanes-Oxley Act of 2002. We are providing that, for registered management investment companies other than small business investment companies, Form N-SAR will be filed under the Investment Company Act of 1940 only and not the Securities Exchange Act of 1934. We are also removing the requirement that Form N-SAR be certified by a registered investment company's principal executive and financial officers. We are also adopting a new rule to require registered management investment companies to maintain disclosure controls and procedures designed to ensure that the information required in reports on Form N-CSR is recorded, processed, summarized, and reported on a timely basis. In addition, we are adopting forms and amendments that require registered management investment companies to include new disclosures on Form N-CSR or Form N-SAR in order to implement the requirements of Sections 406 and 407 of the Sarbanes-Oxley Act of 2002. First, the rules require a registered management investment company to disclose whether it has adopted a code of ethics that applies to the company's principal executive officer and senior financial officers. An investment company disclosing that it has not adopted such a code must disclose this fact and explain why it has not done so. An investment company also will be required to disclose amendments to, and waivers from, the code of ethics relating to any of those officers. Second, the rules require a registered management investment company to disclose whether it has at least one "audit committee financial expert" serving on its audit committee, and if so, the name of the expert and whether the expert is independent of management. An investment company that does not have an audit committee financial expert must disclose this fact and explain why it has no such expert. 68 FR 5348 https://www.govinfo.gov/app/details/FR-2003-02-03/03-2254 03-2254 fr03fe03-7 RIN 3235-AI63 RIN 3235-AI66 8010-01-P Release Nos. 34-47262 IC-25914 File Nos. S7-33-02 S7-40-02 https://www.govinfo.gov/app/details/FR-2003-02-03/03-2254 https://www.govinfo.gov/content/pkg/FR-2003-02-03/html/03-2254.htm https://www.govinfo.gov/content/pkg/FR-2003-02-03/pdf/03-2254.pdf Reporting and Recordkeeping Requirements Securities Investment Companies 24 p. 5348 5371 68 FR 5348 Title 17 Part 240 17 CFR Part 240 Title 17 Part 249 17 CFR Part 249 Title 17 Part 270 17 CFR Part 270 Title 17 Part 274 17 CFR Part 274 RIN 3235-AI63 RIN 3235-AI66 Certification of Management Investment Company Shareholder Reports and Designation of Certified Shareholder Reports as Exchange Act Periodic Reporting Forms; Disclosure Required by Sections 406 and 407 of the Sarbanes-Oxley Act of 2002; Federal Register Vol. 68, Issue RULE 03-2254 II SECURITIES AND EXCHANGE COMMISSION 2003-03-01 Release Nos. 34-47262 IC-25914 File Nos. S7-33-02 S7-40-02 8010-01-P 03-2254 Final rule.

The Securities and Exchange Commission is adopting rule and form amendments that require registered management investment companies to file certified shareholder reports on Form N-CSR with the Commission, and designating these certified reports as reports that are required under Sections 13(a) and 15(d) of the Securities Exchange Act of 1934 and Section 30 of the Investment Company Act of 1940. The amendments require each registered management investment company's principal executive and financial officers to certify the information contained in these reports in the manner specified by Section 302 of the Sarbanes-Oxley Act of 2002. We are providing that, for registered management investment companies other than small business investment companies, Form N-SAR will be filed under the Investment Company Act of 1940 only and not the Securities Exchange Act of 1934. We are also removing the requirement that Form N-SAR be certified by a registered investment company's principal executive and financial officers. We are also adopting a new rule to require registered management investment companies to maintain disclosure controls and procedures designed to ensure that the information required in reports on Form N-CSR is recorded, processed, summarized, and reported on a timely basis. In addition, we are adopting forms and amendments that require registered management investment companies to include new disclosures on Form N-CSR or Form N-SAR in order to implement the requirements of Sections 406 and 407 of the Sarbanes-Oxley Act of 2002. First, the rules require a registered management investment company to disclose whether it has adopted a code of ethics that applies to the company's principal executive officer and senior financial officers. An investment company disclosing that it has not adopted such a code must disclose this fact and explain why it has not done so. An investment company also will be required to disclose amendments to, and waivers from, the code of ethics relating to any of those officers. Second, the rules require a registered management investment company to disclose whether it has at least one "audit committee financial expert" serving on its audit committee, and if so, the name of the expert and whether the expert is independent of management. An investment company that does not have an audit committee financial expert must disclose this fact and explain why it has no such expert.

Effective Date: March 1, 2003, except that the effective date of the removal of the certification requirement from Form N-SAR for registered management investment companies other than small business investment companies is May 1, 2003. John M. Faust, Attorney, Katy Mobedshahi, Senior Counsel, Tara L. Royal, Attorney, or Paul G. Cellupica, Assistant Director, Office of Disclosure Regulation, Division of Investment Management, (202) 942-0721, at the Securities and Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549- 0506. Reporting and Recordkeeping Requirements Securities Investment Companies Securities and investment companies: Sarbanes-Oxley Act of 2002; implementation Management investment company shareholder reports certification and designation as Exchange Act periodic reporting forms; disclosure, http://www.sec.gov Vol. 68, no. 22 Office of the Federal Register, National Archives and Records Administration 2003-02-03 continuing daily deposited born digital 336 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2003-02-03 P0b002ee1809a183f 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr03fe03 https://www.govinfo.gov/app/details/FR-2003-02-03 https://www.govinfo.gov/content/pkg/FR-2003-02-03/pdf/FR-2003-02-03.pdf https://www.govinfo.gov/content/pkg/FR-2003-02-03/xml/FR-2003-02-03.xml fdlp 5203 5527 DGPO 2010-09-23 2024-06-07 FR-2003-02-03 machine generated eng FR FR-2003-02-03 68 22