SEC votes to propose new asset manager reporting rules

The Securities and Exchange Commission on Wednesday took the first in a series of steps aimed at giving regulators a better handle on risk in the $60 trillion asset-management industry.

By a 5-0 vote, the SEC agreed to boost the volume of data it collects from the industry, which would require mutual-fund firms such as Fidelity Investments and BlackRock Inc. to give regulators more detailed information regarding the assets in their funds, according to Dow Jones Newswires.

The proposal will "vastly improve the type and format of the information that funds provide to the commission and to investors," SEC Chairman Mary Jo White said.

Read more from Dow Jones Newswires.