The U.S. Securities and Exchange Commission (SEC or Commission) has adopted, by a 2-to-1 vote, new rules and forms, as well as amendments to certain rules and forms (Final Rule), to modernize the reporting of information by registered investment companies (funds). Guided by the recent implementation of enhanced data reporting requirements for money market funds and private funds, the Final Rule is designed to improve the quality and type of information that all funds provide to the SEC and investors. Among other things, the Final Rule requires that portfolio-wide and position-level information and census information be provided in a “structured data format,” which will allow the SEC to more efficiently analyze the data to respond to market and fund-specific events. SEC Chair Mary Jo White stated at the open meeting at which the Final Rule was adopted that the Final Rule represents a “sweeping change for the industry by requiring strong transparency provisions and enhanced investor protections.”