The right insights, right now

Access the latest news, analysis and trends impacting your business.

Explore our insights by topic:

About Broadridge

Tailored Shareholder Reports – Top Industry Questions

The Broadridge team answers questions on the new SEC requirements and the impact on shareholder engagement.

Since the SEC adoption of the Tailored Shareholder Report rule, Broadridge has received numerous questions on the upcoming changes. The questions below offer our perspectives to date, and will evolve as we gain a greater understanding of the challenges facing the industry.

FAQ Categories


Prior to implementation, is there any notice required to be sent to investors (from fund families or insurance companies using funds in separate accounts)?

What happens to the long form Annual Reports and Semi-Annual Reports?

When will the first Tailored Shareholder Report need to be sent out?

Is early adoption allowed? Would it need to be all or nothing?

Will Tailored Reports eliminate the need to send summary prospectuses on an annual basis?

Investment Vehicles Impacted

Will this affect closed-end fund shareholder reports?

Exchange Traded Funds (ETFs) don’t have share classes, so how does this impact ETFs?

Are Annuities Impacted?

Tailored Report Content Requirements

Is there a specific list of fund statistics that will be required?

For the Material Change section, what is deemed to be a material change in fees?

Can you provide examples of broad-based securities indices?

Does the definition of broad-based securities index carry over to N-1A and disclosure in the prospectus?

Delivery and Web Hosting Requirements

Do these [Tailored Shareholder Reports] just have to be delivered to direct shareholders or also beneficial "street level" shareholders?

Can the separate Tailored Shareholder Reports be bundled into one physical document for print or e-delivery if an investor holds, for example, three funds?

For shareholders that are already receiving reports by e-delivery, will they need to ask for that again to not revert to paper copy mailings?

In the e-delivery email for a Tailored Shareholder Report, can the link be to a landing page, or does it need to be to the document directly?

Is the SEC looking at e-delivery as an avenue that allows us to take advantage of dynamic content creation? For instance, in the future, would the SEC consider allowing firms to default to e-delivery to allow us to use dynamic content creation technologies?

Is there a requirement to track shareholders who want to receive the full report instead of the new report? Or is it only required to send upon request?

Can you combine Tailored Shareholder Report delivery with other mailings?

Can you comment on the delivery guidelines for the ad-hoc fulfillment of Form N-CSR?

Do we need a way for a shareholder to switch between the different Tailored Shareholder Reports for the same fund if it’s a multi-class fund? What happens if it’s a single-class fund?

For online availability and web hosting, is ADA compliance required or preferred? Is it just for the Tailored Report or all documents? Is this something the SEC is going to enforce going forward?

Tagging & Filing

What XBRL rulings are going to affect Tailored Reports and N-CSR?

When will the iXBRL taxonomy become available?

Do you file the new Tailored Reports and Form N-CSR (two filings)? Or are the summary shareholder reports filed as an Item to the new Form N-CSR?

Will fund companies take on the responsibility of iXBRL, or will their vendor take care of that?

Will the Tailored Report be required to be audited on the annual report cycle?


It sounds like the new rules will do nothing to lighten the information overload – only add four new pages per share class per fund.

Do you see firms potentially changing from outsourcing Financial Reporting and bring back in-house because of the rule?

This information is not intended as legal advice. You should contact your legal counsel for a complete understanding of the information included.

Let’s talk about what’s next for you

Our representatives and specialists are ready with the solutions you need to advance your business.

Want to speak with a sales representative?

Table Heading
+1 800 353 0103North America
+65 6438 1144APAC

Thank you.

Your sales rep submission has been received. One of our sales representatives will contact you soon.

Want to speak with a sales representative?

Table Heading
+1 800 353 0103North America
+65 6438 1144APAC