SEC Clocks Fund Freakouts at 10.5 Hours Per Report
Published Date: 8/4/2026
Notice
Summary
The SEC is asking for comments on extending the rules that require money market funds to report big financial events quickly using Form N-CR. This affects funds that face defaults, get financial help, or see big price drops, and they must file reports within days. On average, each report takes about 10.5 hours and costs around $7,100, with only about one report expected per year.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Compliance burden and cost per N-CR report
The SEC estimates an average of 1 Form N-CR report per year, with each report taking about 10.5 hours to prepare and an estimated time cost of $7,104 per report. The estimate breaks down to about 4.5 lawyer hours, 4 financial manager hours, and 2 programmer hours per filing.
Rapid public reports by money market funds
If a money market fund has a portfolio security default, receives affiliate financial support, or has a big drop in its shadow price, the fund must file a Form N-CR summary within one business day and a follow-up filing within four business days. These filings are not kept confidential, so the public and investors will receive timely information about such events.
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