The Securities and Exchange Commission announced last week that it has published a prototype "summary prospectus" for mutual funds, and asked for public comment from investors. The proposed streamlined prospectus would let investors quickly learn key information about a mutual fund.
The Commission voted unanimously on November 15 to propose rule amendments that would enable investors to view a concise, plain English summary of key facts about a mutual fund.
The SEC is seeking public comment on the proposed rule amendments, including the summary prospectus, which are available online along with additional information to help investors understand and participate in the comment process.
"In three or four pages, an investor could get the important facts about a mutual fund in a quick and convenient way," explained SEC Chairman Christopher Cox, continuing: "Instead of digging through pages of legalese, investors would be able to spend more time learning how their money is invested and making informed investment decisions."
The Commission is proposing that the following information be included in a mutual fund summary prospectus:
During the comment period, the Commission is seeking investor input with regard to what improvements would make the summary prospectus easier to read and understand, and what key information investors would like to see included.
The Commission also is seeking comment on its proposal for mutual funds to provide investors with the summary information, while making the full prospectus available online or in paper copy upon request.
Comments should be received no later than Feb. 28, 2008.
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