SEC Form NSAR-A Explained: Key Details, 2018 Update & Costs
Discover the essentials of SEC Form NSAR-A, the semi-annual filing for investment management companies that was replaced in 2018 by Form N-CEN. Learn about its requirements, purpose, and the transition to modern reporting standards.
Adam Hayes, Ph.D., CFA, brings over 15 years of Wall Street experience as a derivatives trader and financial writer. He holds advanced degrees in economics and sociology and is a CFA charterholder with multiple FINRA licenses. Adam currently teaches economic sociology and finance at Hebrew University in Jerusalem.
What Was SEC Form NSAR-A?
SEC Form NSAR-A served as a semi-annual regulatory filing with the U.S. Securities and Exchange Commission (SEC), requiring registered investment management firms to report their financial data at the midpoint of their fiscal year. This form was part of the N-SAR filing series and provided transparency into the companies' financial health and operations. In 2018, the SEC phased out Form NSAR-A, replacing it with the more comprehensive Form N-CEN.
Key Highlights:
- Form NSAR-A was filed twice yearly to disclose financial information for investment management companies.
- It included data points such as share sales, portfolio turnover rates, and other shareholder report details.
- The form was officially replaced in 2018 by Form N-CEN, which introduced modernized reporting standards.
Understanding the Purpose of Form NSAR-A
The N-SAR filings, including NSAR-A, were specifically designed for registered investment companies to provide semi-annual insights into their financial operations. This included critical metrics like share transactions and portfolio turnover, helping investors make informed decisions based on transparent reporting.
These filings complied with Section 30 of the Investment Company Act of 1940 and Sections 13 and 15(d) of the Securities Exchange Act of 1934, mandating periodic reports from investment firms and trusts to the SEC.
Beyond financial figures, Form NSAR-A also disclosed information about company leadership, advisors, underwriters, and affiliations, ensuring investor protection through enhanced transparency.
Important Note
While Form NSAR-A filings were discontinued after 2018, the SEC accepted submissions and amendments related to these forms until June 1, 2019.
Transition from SEC Form NSAR-A to Form N-CEN
Form N-CEN was introduced to update and streamline investment company reporting. It retained many data elements from Form NSAR-A but replaced outdated sections with relevant, contemporary information, including disclosures about securities lending and exchange-traded funds (ETFs).
Unlike the semi-annual NSAR-A, Form N-CEN is filed annually within 75 days after the end of the fiscal year, simplifying compliance timelines.
All registered investment companies must submit Form N-CEN in Extensible Markup Language (XML) format. The SEC also provides a user-friendly online portal via the Electronic Document Gathering, Analysis, and Retrieval (EDGAR) system for manual data entry.
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