[Federal Register Volume 73, Number 152 (Wednesday, August 6, 2008)]
[Proposed Rules]
[Page 45646]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-18036]
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Parts 230, 232, 239, and 274
[Release Nos. 33-8949; IC-28346; File No. S7-28-07]
RIN 3235-AJ44
Enhanced Disclosure and New Prospectus Delivery Option for
Registered Open-End Management Investment Companies
AGENCY: Securities and Exchange Commission.
ACTION: Proposed rule; reopening of comment period.
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SUMMARY: The Securities and Exchange Commission is reopening the period
for public comment on amendments it originally proposed in Securities
Act Release No. 8861 (Nov. 21, 2007) [72 FR 67790 (Nov. 30, 2007)]. The
rule proposal would, if adopted, require key information to appear in
plain English in a standardized order at the front of the mutual fund
prospectus; and permit a person to satisfy its mutual fund prospectus
delivery obligations under section 5(b)(2) of the Securities Act of
1933 by sending or giving the key information directly to investors in
the form of a summary prospectus and providing the statutory prospectus
on an Internet Web site.
DATES: Comments should be received on or before August 29, 2008.
ADDRESSES: Comments may be submitted by any of the following methods:
Electronic Comments
Use the Commission's Internet comment form (http://www.sec.gov/rules/proposed.shtml);
Send an e-mail to [email protected]. Please include
File No. S7-28-07 on the subject line; or
Use the Federal eRulemaking Portal (http://www.regulations.gov). Follow the instructions for submitting comments.
Paper Comments
Send paper comments in triplicate to Florence E. Harmon,
Acting Secretary, Securities and Exchange Commission, 100 F Street,
NE., Washington, DC 20549-1090.
All submissions should refer to File No. S7-28-07. This file number
should be included on the subject line if e-mail is used. To help us
process and review your comments more efficiently, please use only one
method. The Commission will post all comments on the Commission's
Internet Web site (http://www.sec.gov). Comments are also available for
public inspection and copying in the Commission's Public Reference
Room, 100 F Street, NE., Washington, DC 20549, on official business
days between the hours of 10 a.m. and 3 p.m. All comments received will
be posted without change; we do not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly.
FOR FURTHER INFORMATION CONTACT: Deborah D. Skeens, Senior Counsel,
Office of Disclosure Regulation, Division of Investment Management, at
(202) 551-6784, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-5720.
SUPPLEMENTARY INFORMATION: The Securities and Exchange Commission
(``Commission'') is reopening the period for public comment on proposed
rule and form amendments that are intended to enhance the disclosures
that are provided to mutual fund investors. These amendments were
proposed on November 21, 2007,\1\ and the comment period initially
closed on February 28, 2008. The Commission's proposal would, if
adopted, require key information to appear in plain English in a
standardized order at the front of the mutual fund statutory
prospectus. The proposals also would permit a person to satisfy its
mutual fund prospectus delivery obligations under Section 5(b)(2) of
the Securities Act of 1933 by sending or giving the key information
directly to investors in the form of a summary prospectus and providing
the statutory prospectus on an Internet Web site. Upon an investor's
request, mutual funds would also be required to send the statutory
prospectus to the investor.
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\1\ Enhanced Disclosure and New Prospectus Delivery Option for
Registered Open-End Management Investment Companies, Securities Act
Release No. 8861 (Nov. 21, 2007) [72 FR 67790 (Nov. 30, 2007)].
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The Commission recently engaged a consultant to conduct focus group
interviews and a telephone survey concerning investors' views and
opinions about various disclosure documents filed by companies,
including mutual funds. During this process, investors participating in
focus groups were asked questions about, among other things, a
hypothetical summary prospectus. Investors participating in the
telephone survey were asked questions relating to several disclosure
documents, including mutual fund prospectuses. We have placed in the
comment file (available at http://www.sec.gov) for the proposed rule
the following documents from the investor testing that relate to mutual
fund prospectuses and the proposed summary prospectus: (1) The
consultant's report concerning focus group testing of the hypothetical
summary prospectus and related disclosures; (2) transcripts of focus
groups relating to the hypothetical summary prospectus and related
disclosures; (3) disclosure examples used in these focus groups; and
(4) an excerpt from the consultant's report concerning the telephone
survey of individual investors. In order to provide all persons who are
interested in this matter an opportunity to comment on these additional
materials, we believe that it is appropriate to reopen the comment
period before we take action on the proposal.
We invite additional comment on the proposal in light of these
materials, and on any other matters that may have an effect on the
proposal.
Accordingly, we will extend the comment period until August 29,
2008.
By the Commission.
Dated: July 31, 2008.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-18036 Filed 8-5-08; 8:45 am]
BILLING CODE 8010-01-P