CHICAGO--(BUSINESS WIRE)--
Donnelley
Financial Solutions (NYSE: DFIN), a leading provider of risk and
compliance solutions, today announced the first successful submission of
the new Form N-CEN with the U.S. Securities and Exchange Commission
(SEC). The filing was completed using Donnelley Financial’s ArcFiling
platform. The filings are the first ever to use the XML-based Form
N-CEN, part of the SEC’s Modernization initiative along with Form
N-PORT. The filing deadline for funds with a fiscal year-end of June 30
is September 13.
Donnelley Financial, the largest EDGAR filer by volume as reported by
the SEC, worked with its client to complete these filings using its
proprietary end-to-end ArcFiling solution that provides a single,
cloud-based application to create, package and submit documents directly
to the SEC. The company is on track to complete N-CEN filings covering
approximately 4,000 investment funds in the first year of the new
requirement.
“N-CEN ushers in a new level of complexity around data filing for
investment managers, and Donnelley Financial has made significant
investments in technology and resources to ensure our clients
successfully comply with the new regulations,” said Eric Johnson,
president of Global Investment Markets at Donnelley Financial Solutions.
“Our preparations started when the initiative was first released in May
2015. We’ve learned valuable lessons along the way that enable us to
effectively handle this major data initiative for our clients, as well
as prepare them for the even more complex and data-intensive monthly
N-PORT filings beginning in April 2019.”
Form N-CEN is larger in scope than the Form N-SAR it replaces,
containing approximately 500 questions for filers to respond to, many of
which are new and cover both finance and legal functions. Donnelley
Financial says it is critical for filers to load data weeks in advance
and validate it with a comprehensive filing solution such as ArcFiling
or to submit a test filing to identify any errors or issues that must be
resolved before the actual filing. Because the data is interdependent,
creation of a valid XML file can be a challenge for some filers.
"To handle the new complexity and scale, ArcFiling was developed as a
cloud-native solution. The secure, multi-tenant data architecture is
capable of scaling to meet the high demands of the increase in data. An
event base architecture was also designed to efficiently evaluate
hundreds of rules and identify potential exceptions in the data," said
Cynthia Clarke, chief technology officer at Donnelley Financial
Solutions.
“The pace of regulatory change is swift as the SEC just last week
announced XML schema changes for N-PORT and N-CEN that take effect
October 1 of this year,” Johnson added. “Donnelley Financial is already
addressing these changes and is well prepared to support our clients in
complying with these increasingly complex and data-intensive
requirements.”
About Donnelley Financial Solutions
With the right solutions in moments that matter, Donnelley Financial
Solutions (NYSE: DFIN) delivers risk and compliance solutions that fuse
deep industry experience, unparalleled service, and elegant technologies
to provide our clients with insights that power their decisions and
shape global markets. The company has 3,100 employees in 59 locations
across 17 countries, serving thousands of clients globally. For more
information about Donnelley Financial Solutions, visit www.dfsco.com
or follow us on Twitter @DonnelleyFin
or on LinkedIn.
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For Donnelley Financial Solutions
Media Contact:
Sammi
He
646-502-3563
she@stantonprm.com
or
Investor
Contact:
Sloan Bohlen
Solebury Communications Group
investors@dfsco.com
Source: Donnelley Financial Solutions