In separate releases, the Securities and Exchange Commission Division of Investment Management June 26 issued guidance on mutual fund summary prospectuses and application of the commission’s investment adviser custody rule to special purpose vehicles (SPVs) and escrow accounts.
In guidance No. 2014-08, the division said that summary prospectuses now are offered by over 80 percent of mutual funds. It said its guidance was geared toward ensuring that such summary disclosures continue to be clear, concise and user-friendly.
Among other problems, some funds have unnecessarily long summary sections, while others use technical terms that are not explained in plain English, the ...
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