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Confluence Committed to Fund Industry Readiness for SEC Modernization Test Filings
Draft Form N-PORT and Form N-CEN XML Schemas Released by SEC

July 20, 2017

(PITTSBURGH, Pa. – July 20, 2017) — The U.S. Securities and Exchange Commission (SEC) released their draft Form N-PORT and Form N-CEN XML schemas and respective Technical Guidance on Monday as the next step toward a test filing of the forms ahead of the June 1, 2018, compliance date.

“Our preparations for SEC Modernization have been underway since early 2014, and the SEC XML schema release this week is just the most recent piece of the regulation puzzle on the way to solving our clients’ Form N-PORT and Form N-CEN filing requirements,” said Tom Pfister, Global Head of Regulatory Reporting at Confluence. “With the actual draft schema in hand, our team is working rapidly to ingest and synthesize the requirements so that our clients are ready to test file during the first pilot which begins in September.”

As part of their commitment to help fund companies comply with Form N-PORT and Form N-CEN, Confluence is utilizing its extensive experience with schema-based regulatory filings—including SEC Form PF and Form N-MFP—to evaluate these drafts for potential issues and for inconsistencies with other SEC filings by incorporating the draft schema into its Unity NXT™ Regulatory Reporting platform.

The SEC opened a comment period upon release of the schemas on Monday. Confluence plans to submit comments on the release to the SEC, and it will also make them available to their clients. It is expected that a revised draft of the schema will be provided in August in advance of the initial test filing period, which starts on September 11 and is anticipated to extend to December. Confluence will participate in all phases of filing preparation provided by the SEC.

Introduced by Confluence in May 2016, the Unity NXT Regulatory Reporting platform, powered by Synapse™ , enables firms to address the challenges of data-intensive new requirements like Form N-PORT and Form N-CEN. These mandates, affecting approximately 12,000 U.S. mutual funds, require a new approach that scales the massive data requirements and increased frequency of change of today’s regulatory environment.

As new timelines and dates are made public, Confluence will continue to inform the market and our clients of progress on this critical path to compliance with Form N-PORT and Form N-CEN.

About Confluence

Confluence is a global technology solutions provider delivering innovative products to the worldwide money management industry, to meet asset managers’ and service providers’ performance, reporting, analytics, risk and data needs. With the recent acquisition of StatPro, Confluence offers its clients a broader range of data-driven managed investment solutions including post-trade regulatory and shareholder reporting, performance and attribution, portfolio analytics, and asset data services and data management, delivering a full technology suite to the front, middle and back office. Headquartered in Pittsburgh, PA, Confluence serves the international fund industry with locations across Europe, North America, South Africa, Australia and Asia.

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