The Securities and Exchange Commission is considering a new form in wake of new rules requiring senior executives to certify financial results.

Fund executives would have been required to make the declaration on form N-SAR under the SEC's initial interpretation of the Sarbanes-Oxley Act of 2002. It is now examining whether that form is the best way for fund firms to comply with the law in response to lobbying from the Investment Company Institute.

The SEC is reportedly considering a new form altogether. That document, called Form N-CSR, would include a copy of any required shareholder report, information regarding the company's disclosure controls and procedures, and the certifications.

Now that the ICI is now lobbying the SEC to allow a 120-day transition period before the form is required in order for fund firms to learn about the new requirements.  

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