The Canadian Securities Administrators (CSA) proposal to permit electronic delivery, published on April 7, 2022, is intended to modernize the way documents are made available to investors while also reducing the costs borne...more
The SEC has proposed “comprehensive modifications to the mutual fund … disclosure framework,” as highlighted below. More detailed analysis of the proposal is also available in our legal alert. See “SEC Proposes Changes to...more
On August 5, the SEC proposed what it called “comprehensive modifications to the mutual fund … disclosure framework.” ...more
In a substantial August 5, 2020, release (the Proposal), the U.S. Securities and Exchange Commission (SEC) proposed changes to the existing disclosure framework applicable to mutual funds and exchange-traded funds (open-end...more
New Streamlined Disclosure Approach for Variable Contracts - Yesterday, the Securities and Exchange Commission (SEC) adopted Rule 498A – the long-awaited variable contract summary prospectus rule. The new rule represents...more
The Second Circuit, in Edwards v. Sequoia Fund, Inc., affirmed the dismissal of a claim alleging that a mutual fund breached a contract – its Statement of Additional Information (“SAI”), which forms part of its registration...more
After a year of consultation with the mutual funds industry regarding changes that aim to modernise the regulatory regime for SFC-authorised funds, the Hong Kong Securities and Futures Commission (SFC) revised the Code on...more
On October 30, the SEC voted to propose modernized disclosures for variable annuities and variable life insurance policies (“variable insurance products” or “contracts”), including the use of an optional summary prospectus....more
The staff of the SEC’s Division of Investment Management issued IM Guidance Update No. 2014-8 (the “Guidance Update”) to provide guidance based on comments the Division has provided on the information required to be presented...more
The Department of Labor (the “DOL”) recently issued Advisory Opinion 2013-04A clarifying mutual fund prospectus delivery requirements under section II(d) of Prohibited Transaction Class Exemption 77-4 (“PTE 77-4”). PTE 77-4...more
FINRA has been engaged in a “stealth sweep” of firms’ untimely deliveries of mutual fund and ETF prospectuses that has resulted in formal disciplinary proceedings against twelve firms since 2011, and a total of over $5...more