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N-CEN

Form N-CEN is an annual filing required by the U.S. Securities and Exchange Commission (SEC) from registered investment companies, excluding face-amount certificate companies. Introduced in 2016, it replaced the semi-annual Form N-SAR to modernize and streamline the reporting process.
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Form N-CEN is an annual filing required by the U.S. Securities and Exchange Commission (SEC) from registered investment companies, excluding face-amount certificate companies. Introduced in 2016, Form N-CEN replaced the semi-annual Form N-SAR to modernize and streamline the reporting process.

This form collects standardized census-type information about a fund’s operations. It includes details about the legal structure, service providers, investment strategies, and compliance practices. These elements enhance transparency and regulatory oversight.

Registered investment companies must file Form N-CEN annually. This includes mutual funds, exchange-traded funds (ETFs), and unit investment trusts (UITs). The submission deadline is 75 days after the close of the fund’s fiscal year.

UITs follow a 75-day deadline after the calendar year ends. This annual filing ensures the SEC has up-to-date information on fund operations. It enables effective monitoring and regulation.

Form N-CEN is filed electronically through the SEC’s EDGAR system using XML format. An online web-form option is also available. This digital submission facilitates easier data processing and analysis.

The form is divided into seven parts. Parts A and B are mandatory for all funds. The remaining sections are completed based on the company’s specific nature and size.

Form N-CEN differs from Form N-SAR in several key aspects:

  • Frequency: N-CEN is filed annually, whereas N-SAR was required semi-annually.
  • Mode of Submission: N-CEN uses XML and online web forms, while N-SAR was filed on paper or electronically via EDGAR.
  • Included Metrics: N-CEN includes financial information for a broader range of investment vehicles, such as ETFs and mutual funds, and focuses on census-type data.
  • Cost: Filing N-CEN is less expensive compared to N-SAR.

These changes reflect the SEC’s efforts to modernize reporting and reduce administrative burdens on investment companies.

Form N-CEN consists of seven distinct parts. Parts A and B are mandatory for all funds, requiring basic company details and information about the funds operated. The subsequent parts address specific aspects such as investment strategies, service providers, and organizational structure.

The form has been updated to remove redundant items and include new sections that provide deeper insights into fund operations. This enhances the transparency and utility of the reported data.

The standardized data collected through Form N-CEN allows the SEC to monitor industry trends and assess risks effectively. Third-party institutions and researchers can leverage this data to conduct comprehensive market analyses, including securities lending and brokerage activities.

Platforms like RADiENT utilize N-CEN data to provide market data, quotes, and charting of securities in user-friendly formats. This facilitates broader access and utility of the information.

In August 2024, the SEC adopted amendments to Form N-CEN to enhance transparency and data quality. These amendments include additional disclosures regarding liquidity service providers and more detailed information on fund operations.

Compliance with these changes is mandatory for reports filed on or after November 17, 2025. These updates aim to provide a clearer picture of fund activities and improve the SEC’s ability to monitor and regulate the investment management industry effectively.

Form N-CEN filings are accessible through the SEC’s EDGAR system, providing data in XML format for ease of analysis. Additionally, Aggregated Data derived from N-CEN filings are available to regulators, researchers, and the public. This facilitates transparency and enables comprehensive market intelligence.

For enhanced accessibility, services like RADiENT integrate N-CEN data with other datasets, offering critical demographic and service provider information in user-friendly formats.

  • Annual Filing Requirement: Registered investment companies must file Form N-CEN every year within 75 days after their fiscal year-end. This ensures the SEC receives up-to-date information on fund operations for effective monitoring and regulation.
  • Modernized Submission Process: Form N-CEN is submitted electronically through the SEC’s EDGAR system using XML or an online web form. This digital approach streamlines data processing and enhances the efficiency of regulatory oversight.
  • Comprehensive Data Collection: The form gathers extensive census-type information, including details about legal structures, service providers, investment strategies, and compliance practices. This promotes greater transparency and accountability within the investment management industry.
  • Enhanced Regulatory and Research Benefits: The standardized data from Form N-CEN allows the SEC to monitor industry trends and assess risks effectively. Additionally, third-party researchers and institutions can utilize this data for market analyses and informed decision-making.