The SEC’s changes to Form N-MFP will take effect on April 14, 2016. After this date, filers will need to submit new Form N-MFP1, which contains additional fields and has some other minor changes.
From a data standpoint, the contents of N-MFP1 are not dramatically different from N-MFP. It would appear the SEC is changing the technical specification for the form not because the form changes are radically different but because they wish to update N-MFP’s schema to match the current style of other XML EDGAR Forms. However, there are some significant changes that increase the data that the form collects.
This blog post will briefly explore some of the more significant changes. For a more detailed look at Form N-MFP1, you can download a free Fact Sheet from Novaworks that lays out the old form items and provides a comparison to the new form items.
Summary of Changes
General Changes:
| • | | The form’s structure more closely resembles current EDGAR forms. This should make it easier for consumers of the XML to integrate N-MFP1 into their current systems. |
| • | | In addition to CUSIPs, many references to entities must now supply a LEI (Legal Entity Identifier) as well as another identifier such as CIK or ISIN. |
| • | | A number of data fields have been expanded such that a filer must report the value for the item as of the close of business on each Friday during the reported month, as opposed to for the reported month. |
| • | | The categories for series and the investment categories for the Schedule of Portfolio Securities have been changed. |
Series-Level Information:
| • | | There is a new item to report liquidity information. |
| • | | There is a new item to report cash. |
| • | | There is a new item to report the stable price per share that the fund seeks to maintain. |
| • | | There is a new item to report the Net Asset Value for the series on a weekly basis. |
| • | | The shadow price information will no longer be reported on the form in the same format. |
Class-Level Information:
| • | | There is a new item to report the number of shares outstanding for each class. |
| • | | There is a new item to report whether a person paid, or waived, all or part of the fund’s fees and the name of each person who did so. |
| • | | The shadow price information will no longer be reported on the form in the same format. |
Schedule of Portfolio Securities Information:
| • | | The unique identifier information has been adjusted. |
| • | | More sub-items have been added to report additional information about Demand Features. |
| • | | More sub-items have been added to report additional information about Guarantees/Guarantors. |
| • | | More sub-items have been added to report additional information about Enhancements. |
| • | | There is a new item to report additional information about maturity dates. |
| • | | There is a new item to report whether the security is categorized at level 3. |
| • | | There is a new item to report whether the security is a Daily Liquid Asset. |
| • | | There is a new item to report whether the security a Weekly Liquid Asset. |
Novaworks’ GoFiler Complete and GoMFP software will be ready to create, edit and file Form N-MFP1 come April. For more information about Novaworks’ N-MFP filing tools, please contact our team and don’t forget to click the link below to download a free fact sheet with the N-MFP comparison.
Sources:
SEC Release No. 33-9616: Money Market Fund Reform; Amendments to Form PF (Final Rule)
SEC Notice to Form N-MFP Filers
