SEC Proposes to Modernize Disclosure Framework for Mutual Funds and Exchange-Traded Funds, Modify Fee Information in Investment Company and Business Development Company Advertisements

The Securities and Exchange Commission on August 5, 2020 unanimously approved proposed rule and form amendments (Proposed Rule) that would comprehensively revise and update the disclosure framework for mutual funds and exchange-traded funds (ETFs, and collectively with mutual funds and unless otherwise specified, funds) in order to better serve the needs of retail investors. The Proposed Rule is part of the SEC’s investor experience initiative and seeks to respond to feedback from a request for comment on retail investors’ experience with fund disclosure that the SEC issued in 2018. If adopted, the Proposed Rule would, among other things...

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