Periodic portfolio reporting requires comprehensive disclosure of holdings, transactions, risks, expenses, defaults and distributor commissions to clients. Portfolio managers must provide periodic client reports at intervals not exceeding three months and whenever requested. Reports must disclose portfolio ... Summary
Periodic portfolio reporting requires comprehensive disclosure of holdings, transactions, risks, expenses, defaults and distributor commissions to clients.
Portfolio managers must provide periodic client reports at intervals not exceeding three months and whenever requested. Reports must disclose portfolio composition and value, transactions, beneficial interests, management expenses, foreseeable investment risks, debt-security payment defaults or default-rating downgrades, and distributor commissions attributable to the client. Client-specific reports may be provided through restricted website access. On termination, portfolio managers must give a detailed statement of accounts and settle the account under the contract; clients retain the right to obtain portfolio details.
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