News & Analysis as of

Prospectus Mutual Funds

Stikeman Elliott LLP

CSA Propose “Access Equals Delivery” Model For Prospectuses and Certain Continuous Disclosure Documents

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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

Carlton Fields

SEC Proposes Big Changes to Fund Disclosure

Carlton Fields on

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

Carlton Fields

SEC Proposes Changes to Fund Shareholder Reports, Prospectuses, SAIs, and Ads

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On August 5, the SEC proposed what it called “comprehensive modifications to the mutual fund … disclosure framework.” ...more

Troutman Pepper

SEC: Improve the Retail Investor Experience through Better Fund Shareholder Reports and Disclosures

Troutman Pepper on

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

Vedder Price

SEC Adopts New Variable Contract Summary Prospectus Rule

Vedder Price on

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

Dechert LLP

Second Circuit Affirms District Court Holding in Edwards v. Sequoia Fund, Inc.

Dechert LLP on

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

Dechert LLP

Financial Services Quarterly Report - First Quarter 2019: Distribution in Hong Kong and the Revised UT Code

Dechert LLP on

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

Carlton Fields

SEC Proposes Summary Prospectus Option and Modernized Disclosure for Variable Insurance Products

Carlton Fields on

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

Goodwin

SEC Staff Provides Guidance on Summary Section of Mutual Fund Prospectuses

Goodwin on

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

Goodwin

DOL Issues Advisory Opinion Regarding Use of a Mutual Fund “Summary Prospectus” under PTE 77-4

Goodwin on

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

Goodwin

DOL Issues Advisory Opinion Regarding Use of a Mutual Fund “Summary Prospectus” under PTE 77-4

Goodwin on

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

Broker-Dealer Compliance + Regulation

Please Mr. Postman: FINRA Cracks Down on Late Prospectus Delivery

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

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