Global Trustee and Fiduciary Services Bite-Sized Issue 3 | 2026

15 QUICK LINKS AI DIGITAL ASSETS EMIR FINTECH FSB IOSCO MIFID II/MIFIR SUSTAINABLE FINANCE/ESG ASIA PACIFIC EUROPE LUXEMBOURG NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 3 | 2026 SEC Proposes Amendments to Reduce Burdens in Reporting of Fund Portfolio Holdings On 18 February 2026, the SEC proposed amendments to the form used by most registered investment companies to report portfolio-related information. The SEC says the changes are designed to reduce reporting burdens without significantly affecting the SEC’s use of the data or the public’s ability to assess relevant information about a fund. The proposed amendments to FormN-PORT would: • Provide reporting funds with an additional 15 days to file monthly reports of portfolio-related information on FormN-PORT, which is designed to reduce the potential for errors and resubmissions; • Reduce the publication of reports frommonthly to quarterly, a change the SEC says is designed to protect a fund’s shareholders by reducing the risks of more frequent public disclosure, such as external parties using information about a fund’s portfolio holdings in ways that increase costs for the fund and its shareholders; and • Modify FormN-PORT reports to streamline or remove certain reported information, including removing “Names Rule” reporting, and add information about funds with share classes that operate as exchange-traded funds. In connection with the proposed amendments, but by separate action, the SEC is extending the compliance dates for those FormN-PORT reporting requirements related to the “Names Rule” under the Investment Company Act of 1940, which addresses certain investment company names. This extension will provide additional time for funds and the SEC to consider the proposed amendments to FormN-PORT and avoid certain costs associated with regulatory requirements that the SEC is proposing to eliminate. The new compliance dates are 17 November 2027, for fund groups with net assets of USD10 billion or more and 18 May 2028, for fund groups with less than US10 billion in net assets as of the end of their most recent fiscal year. For more information on the proposed amendments and the compliance date extension on the Names Rule, please open the links below: Link to Fact Sheet here Link to Final Rule here SEC Publishes Data on Exchange Traded Funds and Fund Mergers; Updated Statistics on Municipal Advisors, Transfer Agents, and Security-Based Swap Dealers On 5 February 2026, the SEC’s Division of Economic and Risk Analysis (DERA) published two new reports on exchange traded funds and fund mergers, and updated statistics and data visualizations on municipal advisors, transfer agents, and security-based swap dealers (SBSDs). The reports provide the public with information about the growth in active ETFs and the changes in fees paid by investors when mutual funds and ETFs acquire other funds. The two reports issued are: • The fast-Growing Market of Active ETFs examines the general characteristics of active ETFs; and • When Funds Merge: What Happens to Fees? Evidence from Acquiring Mutual Funds and ETF explores howmergers of mutual funds and ETFs are associated with changes to the fees paid by investors in funds that acquired another fund through a merger (acquiring funds), specifically expense ratios, management fees, and Rule 12b-1 fees. SEC staff also updated the SEC’s public statistics and data visualizations webpage to include updated statistics and visualizations on municipal advisors, transfer agents, and security-based swap dealers (SBSDs). Link to Fast-Growing Market of Active ETFs here Link toWhen Funds Merge: What Happens to Fees? here Link to SEC’s Public Statistics and Data Visualizations webpage here