SEC
Distribution Plan for Investors Harmed by Market Timing Activities by CIHC, Conseco Services, and Conseco Euqity Funds (proposed 12/18/2009)
A plan has been developed for the SEC to distribute $15 million in disgorgement
and civil penalties to eligible investors of the CIHC, Conseco Services, and Conseco Equity Funds and other fund families who were harmed by market timing and other activities.
Click
here to read the proposed distribution plan (12/18/2009)
SEC
Distribution Plan for Investors Harmed by Market Timing Activities by Canadian Imperial Holdings and CIBC World Markets Funds (proposed 12/10/2009)
A plan has been developed for the SEC to distribute $125 million in disgorgement
and civil penalties to eligible investors of the the Canadian Imperial Holdings and CIBC World Markets funds and other fund families who were harmed by market timing and other activities.
Click
here to read the proposed distribution plan (12/10/2009)
SEC
Distribution Plan for Investors Harmed by Market Timing Activities by Federated Investment Management Funds (proposed 12/4/2009)
A plan has been developed for the SEC to distribute $72 million in disgorgement
and civil penalties to eligible investors of the Federated Investment Management Funds who were harmed by market timing and other activities.
Click
here to read the proposed distribution plan (12/4/2009)
SEC
Distribution Plan for Investors Harmed by Market Timing Activities by Prudential Equity Group Funds (proposed 12/4/2009)
A plan has been developed for the SEC to distribute $270 million in disgorgement
and civil penalties to eligible investors of the Prudential Equity Group
Funds who were harmed by market timing and other activities.
Click
here to read the proposed distribution plan (12/4/2009)
CMFI Letter to SEC Chairman Mary Schapiro on the Shareholder Costs of Hidden Mutual Fund Accounts
On October 13, 2009, CMFI sent a letter to the SEC transmitting its White Paper on the costs to shareholders of hidden mutual fund accounts managed by third-party financial intermediaries. This CMFI White Paper concluded that as much as $9.6 billion is being taken from fund shareholders each year to pay for shareholder servicing and recordkeeping activities in these hidden accounts.
Click
here to review CMFI's letter to the SEC (10/13/2009)
SEC
Distribution Plan for Investors Harmed by Market Timing Activities by Gabelli Funds (proposed 9/11/2009)
A plan has been developed for the SEC to distribute $16 million in disgorgement
and civil penalties to eligible investors of the Gabelli funds and other fund families who were harmed by market timing and other activities.
Click
here to read the proposed distribution plan (9/11/2009)
SEC
Distribution Plan for Investors Harmed by Market Timing Activities by Strong Capital Management Funds (proposed 7/30/2009)
A plan has been developed for the SEC to distribute $140 million in disgorgement
and civil penalties to eligible investors of the Strong Capital Management funds and other fund families who were harmed by market timing and other activities.
Click
here to read the proposed distribution plan (7/30/2009)
Click here to read the SEC Order approving the final Distribution Plan (9/14/2009)
CMFI Letter to SEC Chairman Mary Schapiro on Market Timing and other Risks in Hidden Shareholder Accounts
On May 6, 2009, CMFI sent a letter to the SEC enclosing its White Paper on the risks to long-term shareholders of hidden mutual fund accounts.
Click here to review CMFI's letter to the SEC (5/6/2009)
Click here to review Chairman Schapiro's response to CMFI (6/23/2009)
CMFI Letter to SEC Chairman Christopher Cox on Omnibus Accounts
On December 15, 2008, CMFI sent a letter to the SEC advocating that the Commission
address (a) regulatory gaps in the use of omnibus accounts, and (b) the lack
of disclosure regarding third-party distribution payments.
Click
here to review CMFI's letter to the SEC (12/15/2008)
Click
here to review the SEC's response to CMFI (1/16/2009)
SEC
Distribution Plan for Investors Harmed by Market Timing Activities by Bear, Stearns & Company Funds (proposed 12/8/2009)
A plan has been developed for the SEC to distribute $250 million in disgorgement
and civil penalties to eligible investors of the Bear, Stearns & Company funds and other fund families who were harmed by market timing and other activities.
Click
here to read the proposed distribution plan (12/8/2008)
Click here to read the SEC Order approving the final Distribution Plan (2/4/2009)
SEC
Distribution Plan for Investors Harmed by Market Timing Activities by Ritchie Capital Management Funds (proposed 7/30/2008)
A plan has been developed for the SEC to distribute $40 million in disgorgement
and civil penalties to eligible investors of the Ritchie Capital Mangement funds and other fund families who were harmed by market timing and other activities.
Click
here to read the proposed distribution plan (7/30/2008)
Click here to read the SEC Order approving the final Distribution Plan (12/11/2008)
SEC
and Labor Department Retirement Plan Agreement
On July 29, 2008, SEC Chairman Christopher Cox and U.S. Labor Secretary
Elaine Chao announced an information-sharing and cooperation agreement to
help protect the interests of investors in private sector retirement plans.
Click
here to review the Labor Department's press release (7/29/2008)
Click
here to review the SEC's press release (7/29/2008)
Click
here to review the SEC-Labor Department Memorandum of Understanding (7/29/2008)
Labor
Department Rule Regarding Disclosures to Retirement Plan Participants (proposed 7/23/2008)
The Department of Labor has
proposed a rule to improve the disclosures to individual investors about their
retirement plan and its investment alternatives, so that plan participates
can have the information they need to make informed decisions about the management
of their retirement savings.
Click
here to read the proposed rule (7/23/2008)
SEC
Distribution Plan for Investors Harmed by Market Timing Activities by General American Life Insurance Funds (proposed 5/23/2008)
A plan has been developed for the SEC to distribute $3.4 million in disgorgement
and civil penalties to eligible investors of the General American Life Insurance funds and other fund families who were harmed by market timing and other activities.
Click
here to read the proposed distribution plan (5/23/2008)
Click here to read the SEC Order approving the final Distribution Plan (7/25/2008)
SEC
Distribution Plan for Investors Harmed by Market Timing Activities by Alliance
Capital Management Funds (proposed 3/13/2008)
A plan has been developed for the SEC to distribute $321 million in disgorgement
and civil penalties to eligible investors of the Alliance Capital Management
Funds who were harmed by market timing and other activities.
Click
here to read the proposed distribution plan (3/13/2008)
Taxation
of SEC Distribution Plans
CMFI sent a letter to SEC Chairman Cox regarding the taxation of Fair Fund
distribution payments to individual investors.
Click
here to read the letter (2/6/2008)
Click
here to read the SEC response (3/5/2008)
Labor Department Rule on Service Provider Disclosures (12/13/2007)
The Department of Labor has proposed a rule to require that contracts between
employee benefit plans and service providers contain provisions to enhance
disclosure of compensation and potential conflicts of interest.
Click here to read the proposed rule (12/13/2007)
SEC
Summary Prospectus Rule (11/30/2007)
This SEC rule improves mutual fund disclosure by providing investors with
important information in plain English and in a clear and concise format.
The rule also enhances the means of delivering more detailed information to
investors.
Click here to read the proposed
rule (11/21/2007)
Click
here to read the SEC notice reopening the comment period (8/6/08)
Click
here to review CMFI's comment letter on this proposed rule (submitted
2/13/2008)
Click
here to review CMFI's second comment letter on this proposed rule (submitted
8/29/08)
Click
here to review the final SEC rule (1/13/2009)
Labor Department Rule Regarding the Availability of Pension Plan Information (9/14/2007)
The Department of Labor has proposed a rule to require the administrator of
a multi-employer plan to provide actuarial and financial information to participants
upon request.
Click here to read the proposed rule (9/14/2007)
Labor Department Requests Comments on Investment Disclosures in Employee
Benefit Plans (requested 4/25/2007)
The Department of Labor has issued a Request for Information regarding whether
actions should be taken to ensure that individuals in participant-directed
account plans (e.g. 401(k) plans) have adequate information to make informed
decisions about their investments.
Click here to read the request for information (4/25/2007)
Labor Department Annual Reporting and Disclosure Regulations (proposed
7/21/06)
The Department of Labor has developed new regulations to increase
the disclosures that benefit plans (including 401(k) retirement plans) provide
in their annual reports to the government.
Click
here to read the proposed regulations (7/21/06)
Click
here to read the final regulations (11/16/07)
SEC Distribution Plan for Investors Harmed by Market Timing Activities
by Banc of America and Nations Funds (proposed 7/16/07)
A plan has been developed for the SEC to distribute $375 million
in disgorgement and civil penalties to eligible investors of the Nations funds
and other fund families who were harmed by market timing and other activities.
Click
here to read the proposed Distribution Plan (7/16/2007)
Click
here to read the SEC Order approving the final Distribution Plan (12/27/2007)
SEC Distribution Plan for Investors Harmed by Market Timing Activities
by the Invesco and AIM Funds (proposed 7/6/2007)
A plan has been developed for the SEC to distribute $375 million in disgorgement
and civil penalties to eligible investors of the Invesco and AIM Funds who
were harmed by market timing and other activities.
Click
here to read the proposed Distribution Plan for Invesco Funds (7/6/2007)
Click
here to read the proposed Distribution Plan for AIM Funds (7/6/2007)
Click
here to read the SEC Order approving the Invesco Funds Final Distribution
Plan (5/23/08)
Click
here to read the SEC Order approving the AIM Funds Final Distribution Plan (5/23/08)
SEC Distribution Plan for Investors Harmed by Market Timing Activities
by the Franklin Templeton Funds (proposed 6/6/2007)
A plan has been developed for the SEC to distribute $50 million in disgorgement
and civil penalties to eligible investors of the Franklin Templeton funds
who were harmed by market timing and other activities.
Click
here to read the proposed Distribution Plan (6/6/2007)
SEC
Distribution Plan for Investors Harmed by Market Timing Activities by the
Janus Funds (proposed
5/31/2007)
A plan has been developed for the SEC to distribute $100 million in disgorgement
and civil penalties to eligible investors of the Janus Funds who were harmed
by market timing and other activities.
Click
here to read the proposed Distribution Plan (5/31/2007)
SEC Distribution Plan for Investors Harmed by
Market Timing Activities by Millennium Partners (proposed
5/31/2007)
A plan has been developed for the SEC to distribute $180 million in disgorgement
and civil penalties to eligible investors of the Millennium Investment funds
and other fund families who were harmed by market timing and other activities.
Click here to read the proposed Distribution
Plan (5/31/2007)
Click
here to read the SEC Order approving final Distribution Plan (8/3/2007)
SEC
Distribution Plan for Investors Harmed by Market Timing Activities by the
RS Funds (proposed
5/14/2007)
A plan has been developed for the SEC to distribute $25 million in disgorgement
and civil penalties to eligible investors of the RS Funds who were harmed
by market timing and other activities.
Click
here to read the proposed Distribution Plan (5/14/2007)
Click
here to read the final Distribution Plan (8/8/2007)
Click
here to read the SEC order approving the final Plan (8/8/2007)
SEC Distribution Plan for Investors Harmed by
Market Timing Activities by International Equity Advisors (proposed
4/25/2007)
A plan has been developed for the SEC to distribute $3.19 million in disgorgement
and civil penalties to eligible investors of the International Equity funds
and other fund families who were harmed by market timing and other activities.
Click here to read the proposed
Distribution Plan (4/25/2007)
Click
here to read the SEC Order approving the final Distribution Plan (8/8/2007)
SEC
Distribution Plan for Investors Harmed by Market Timing Activities by the
Putnam Funds (proposed
3/30/2007)
A plan has been developed for the SEC to distribute $98 million in disgorgement
and civil penalties to eligible investors of the Putnam Funds who were harmed
by market timing and other activities.
Click
here to read the proposed Distribution Plan (3/30/2007)
Click
here to read the final Distribution Plan (7/20/2007)
Click
here to read the SEC order approving the final Plan (7/20/2007)
SEC
Distribution Plan for Investors Harmed by Market Timing Activities by Massachusetts
Financial Services Company (proposed 9/14/06)
A
plan has been developed for the SEC to oversee the distribution of $140 million
in disgorgement and civil penalties to eligible investors of the Massachusetts
Financial Services Company who have been harmed by market timing and other
activities.
Click
here to read CMFI's comment letter on this proposed Distribution Plan (submitted 10/16/06)
Click
here to read the final Distribution Plan (7/24/2007)
Click
here to read the SEC order approving the final Plan (7/24/2007)
Click
here to read the revised SEC order approving the modified distribution plan (9/25/2007)
Click
here to read the modified distribution plan (9/25/2007)
SEC Distribution Plan for Investors Harmed by
Market Timing Activities by Veras Investment Partners (proposed
8/10/2006)
A plan has been developed for the SEC to distribute $37,700,488.00 in disgorgement
and civil penalties to eligible investors of the Veras Investment funds and
other fund families who were harmed by market timing and other activities.
Click here to read the proposed Distribution Plan (8/10/2006)
Click
here to read the SEC Order approving the final Distribution Plan (10/4/2006)
SEC
Distribution Plan for Investors Harmed By Market Timing Activities by BancOne/One
Group (proposed 8/7/06)
A
plan has been developed for the SEC to oversee the distribution of $140 million
in disgorgement and civil penalties to eligible investors of BancOne/One Group
who have been harmed by market timing and other activities.
Click
here to read the proposed distribution plan (8/7/06)
Click
here to read CMFI's comment letter on this proposed Distribution Plan (submitted 9/6/06)
Click
here to read the final Distribution Plan (5/9/2007)
Click
here to read the SEC order approving the final Plan (5/9/2007)
SEC
Distribution Plan for Investors Harmed By Market Timing Activities by the
Columbia Funds (proposed 7/19/06)
A
plan has been developed for the SEC to oversee the distribution of $140 million
in disgorgement and civil penalties to eligible investors of the Columbia
Funds who have been harmed by market timing and other activities.
Click
here to read the proposed Distribution Plan (7/19/2006)
Click
here to read CMFI's comment letter on this proposed Distribution Plan (submitted 8/17/06)
Click
here to read the final Distribution Plan (4/6/2007)
Click
here to read the SEC order approving the final Plan (4/6/2007)
SEC
Distribution Plan for Investors Harmed By Market Timing Activities by the
Pilgrim Baxter Funds (proposed 6/30/06)
A plan has been developed for the SEC to oversee the distribution of $250
million in disgorgement and civil penalties to eligible investors of the Pilgrim
Baxter Funds who have been harmed by market timing and other activities.
Click here to read CMFI's comment letter
on this proposed Distribution Plan (submitted 7/31/06)
Click
here to read the final Distribution Plan (11/22/06)
Click
here to read the SEC order approving the final Plan (11/22/2006)
CMFI
sent a letter to SEC Chairman Cox regarding the use of technology to advance
the interests of individual investors (10/20/05)
Click here to read the letter.
Click
here to read the SEC response.
Mandatory
Redemption Fees for Redeemable Fund Securities (proposed
3/5/04)
This proposed rule would require
mutual funds (with certain limited exceptions) to impose a two percent redemption
fee on the redemption of shares purchased within the previous five days. The
redemption fee would be retained by the fund. The rule is designed to require
short-term shareholders to reimburse the mutual fund for costs incurred when
they use the fund to implement short-term trading strategies, such as market
timing. The rule also requires that financial intermediaries using omnibus
accounts share information with mutual funds about the identities and transactions
of their omnibus account holders.
Click
here to review the SEC's proposed rule (3/5/04)
Click
here to read CMFI's Comment Letter on this proposed rule (submitted 5/10/04)
Click
here to review the final rule, request for additional comment (3/11/05,
effective 5/23/05)
Click
here to read CMFI's additional comments to the final rule (submitted 5/9/05)
The SEC has proposed amendments
to the redemption fee rule that was recently adopted. The rule, among other
things, requires most open-end investment companies ("funds") to
enter into agreements with intermediaries, such as broker-dealers, that hold
shares on behalf of other investors in so called "omnibus accounts."
These agreements must provide funds access to information about transactions
in these accounts to enable the funds to enforce restrictions on market timing
and similar abusive transactions. The Commission seeks to amend the rule to
clarify the operation of the rule and reduce the number of intermediaries
with which funds must negotiate information-sharing agreements. The amendments
are designed to address issues that came to the Commission's attention after
it had adopted the rule, and are designed to reduce the costs to funds (and
fund shareholders) while still achieving the goals of the rulemaking.
Click
here to read CMFI's Comment Letter on the proposed rule (submitted 4/10/06)
Click
here to read the proposed amendments to the rule (2/28/06)
Click
here to read the final amendment to the rule (9/27/06)
Point
of Sale Disclosure Requirements and Confirmation Requirements for Transactions
in Mutual Funds, College Savings Plans, and Certain Other Securities, and
Amendments to the Registration Form for Mutual Funds (proposed
3/4/05)
The Securities and Exchange Commission (“Commission”)
is reopening the comment period on proposed rules, published in January 2004,
that would require broker-dealers to provide their customers with information
regarding the costs and conflicts of interest that arise from the distribution
of mutual fund shares, 529 college savings plan interests, and variable insurance
products. The Commission also is supplementing its request for comments on
the proposed rules to reflect issues raised by commenters, including feedback
received from investors in in-depth interviews about revised forms for disclosing
information at the point of sale. The Commission is publishing this supplemental
request for comment and reopening the comment period to assure that the public
has a full opportunity to address such issues in their comments.
Click
here to review the proposed rule (3/4/05)
Confirmation
Requirements and Point of Sale Disclosure Requirements for Transactions in
Certain Mutual Funds and Other Securities (1/29/04)
These two new rules would require broker-dealers to provide their
customers with targeted information, at the point of sale and in transaction
confirmations, regarding the costs and conflicts of interest that arise from
the distribution of mutual fund shares, unit investment trust interests (including
insurance securities), and municipal fund securities used for education savings.
The Commission is also proposing amendments to Form N-1A, the registration
form for mutual funds, to improve disclosure of sales loads and revenue sharing.
Clich
here to review the proposed rule (1/29/04)
Click
here to read CMFI's comment letter on this proposed rule (submitted 4/12/04)
Certain
Broker-Dealers Deemed Not To Be Investment Advisers (proposed
1/6/05)
Under the reproposed rule, a broker-dealer providing nondiscretionary advice
that is solely incidental to its brokerage services is excepted from the Investment
Advisers Act regardless of whether it charges an asset-based or fixed fee
(rather than commissions, mark-ups, or mark-downs) for its services. The rule
would also state that exercising investment discretion is not solely incidental
to brokerage business, and thus, a broker-dealer providing discretionary advice
would be deemed to be an investment adviser under the Investment Advisers
Act. In addition, under the rule, broker-dealers would not be subject to the
Investment Advisers Act solely because they offer full-service brokerage and
discount brokerage services, including electronic brokerage, for reduced commission
rates. Finally, the Commission is proposing to issue a statement of interpretive
position that would clarify when certain broker-dealer advisory services,
including financial planning, are solely incidental to brokerage business.
Click
here to review the SEC's proposed rule (proposed 1/6/05)
Click
here to review the request for additional comment (8/18/04)
Click
here to read the Final Rule, extension of compliance date (9/12/05)
Click
here to read the Final Rule (4/12/05)
Click
here to read the Temporary Rule and Proposed Rule (1/6/05)
Definition
of Eligible Portfolio Company under the Investment Company Act of 1940 (proposed 11/1/04)
The proposed new rules are designed to realign the definition of eligible
portfolio company set forth under the Investment Company Act, and the investment
activities of business development companies (“BDCs”), with the
purpose of the Small Business Investment Incentive Act of 1980 (“SBIIA”).
These rules are intended to expand the definition of eligible portfolio company
in a manner that would promote the flow of capital to small, developing and
financially troubled companies.
Click
here to review the SEC's proposed rule (proposed 11/1/04)
Click
here to read the final rule (10/25/06)
Click
here to review a reproposed rule regarding the definition of "eligible
portfolio company" (10/25/06)
Registration
Under the Advisers Act of Certain Hedge Fund Advisers (proposed 7/20/04)
The proposed new rule and amendments would require advisers to certain private
investment pools ("hedge funds") to register with the Commission
under the Advisers Act. The rule and rule amendments are designed to provide
the protections afforded by the Advisers Act to investors in hedge funds,
and to enhance the Commission's ability to protect our nation's securities
markets.
Click
here to review the SEC's proposed rule (proposed
7/20/04)
Click
here to read the Final Rule (12/2/04)
Disclosure
Regarding Portfolio Managers of Registered Management Investment Companies (proposed 3/11/04)
This proposal would improve
the disclosure provided by registered management investment companies regarding
their portfolio managers. The rule would extend the existing requirement that
a registered management company provide basic information in its prospectus
regarding its portfolio managers to include the members of management teams.
The rule also would require a registered management investment company to
disclose additional information about its portfolio managers, including other
accounts they manage, compensation structure, and ownership of securities
in accounts they manage.
Click
here to review the SEC's proposed rule (proposed
3/11/04)
Click
here to review the final rule (8/23/04, effective 10/1/04)
Prohibition
on the Use of Brokerage Commissions to Finance Distribution (proposed 2/24/04)
This proposed rule
would prohibit mutual funds from paying for the distribution of their shares
with brokerage commissions. The rule is designed to end a practice that is
fraught with conflicts of interest and may be harmful to funds and fund shareholders.
Click
here to review the SEC's proposed rule (proposed
2/24/04)
Click
here to review the final rule (9/2/04, effective 10/14/04)
Disclosure
Regarding Approval of Investment Advisory Contracts by Directors of Investment
Companies (proposed
2/11/04)
This proposed rule
would improve disclosure provided by registered management investment companies
about how their boards of directors evaluate and approve, and recommend shareholder
approval of, investment advisory contracts. The proposed amendments would
require a registered management investment company to provide disclosure in
its reports to shareholders regarding the material factors and the conclusions
with respect to those factors that formed the basis for the board’s
approval of advisory contracts during the reporting period.
Click
here to review the SEC's proposed rule (proposed 2/11/04)
Click
here to review the final rule (6/23/04, effective 8/5/04)
Investment
Adviser Codes of Ethics (proposed 1/20/04)
This proposed rule would create a new code of ethics for registered
advisors. The codes of ethics would set forth standards of conduct expected
of advisory personnel, safeguard material nonpublic information about client
transactions, and address conflicts that arise from personal trading by advisory
personnel. Among other things, the rule would require certain employees of
an advisor to report their personal securities transactions, including transactions
in any mutual fund managed by the adviser.
Click
here to review the SEC's proposed rule (proposed 1/20/04)
Click
here to review the final rule (7/9/04, effective 8/31/04)
Investment
Company Governance (proposed 1/15/04)
This proposal would require registered investment companies to adopt
certain governance practices. The proposed amendments, which apply to funds
relying on certain exemptive rules, are designed to enhance the independence
and effectiveness of fund boards and to improve their ability to protect the
interests of the funds and fund shareholders they serve. The most significant
proposal in this rulemaking is a requirement that the chairman of a fund board
be an independent director.
Click
here to review the SEC's proposed rule (proposed
1/15/04)
Click
here to review the first final rule (7/27/04)
Click
here to review U.S. Chamber of Commerce v. SEC (Court of Appeals, DC Circuit,
6/21/05)
Click
here for the Commission Response to Remand by Court of Appeals (Rel. No.
IC-26985, 6/30/05)
Click here for the new final rule (7/7/05)
Click here for concurring views of Chairman
Donaldson
Click
here for concurring views of Commissioner Goldschmid
Click
here for concurring views of Commissioner Campos
Click
here for the dissent of Commissioner Glassman
Click
here for the dissent of Commissioner Atkins
Click
here for the Commission Order on Stay Request (Rel. No. IC-26989, 7/15/05)
Click
here to review U.S. Chamber of Commerce v. SEC (Court of Appeals, DC Circuit,
4/7/2006)
Click
here to review SEC request for additional comment (6/19/06)
Click
here to review SEC request for additional comment (12/15/06)
Disclosure
of Breakpoint Discounts by Mutual Funds (proposed
12/17/03)
This proposal would
require an open-end management investment company to provide enhanced disclosure
regarding breakpoint discounts on front-end sales loads. Under the proposed
amendments, an open-end management investment company would be required to
describe in its prospectus any arrangements that result in breakpoint discounts
for sales loads and to provide a brief summary of shareholder eligibility
requirements.
Click
here to review the SEC's proposed rule (proposed
12/17/03)
Click
here to read CMFI's comment letter on this proposed rule (submitted 2/11/04)
Click
here to review the Final Rule (6/7/04), effective 7/23/04)
Amendments
to Rules Governing Pricing of Mutual Fund Shares (proposed
12/11/03)
This proposed rule would provide that an order to purchase or redeem
mutual fund shares would receive the current day's price only if the fund,
its designated transfer agent, or a registered securities clearing agency
receives the order by the time that the fund establishes for calculating its
net asset value. This time is typically when the major U.S. stock exchanges
close at 4 p.m. EST. The amendments are designed to prevent unlawful late
trading in fund shares.
Click
here to review the SEC's proposed rule (proposed 12/11/03)
Click
here to read CMFI's comment letter on this proposed rule (submitted 2/6/04)
Disclosure
Regarding Market Timing and Selective Disclosure of Portfolio Holdings (proposed 12/11/03)
This proposed rule would require open-end management investment companies
to disclose in their prospectuses both the risks to shareholders of the frequent
purchase and redemption of investment company shares, and the investment company's
policies and procedures with respect to such frequent purchases and redemptions.
The proposals would require similar prospectus disclosure for insurance company
separate accounts issuing variable annuity and variable life insurance contracts.
The Commission is also proposing to clarify that open-end management investment
companies and insurance company managed separate accounts that offer variable
annuities, other than money market funds, are required to explain both the
circumstances under which they will use fair value pricing and the effects
of using fair value pricing. In addition, the Commission is proposing to require
open-end management investment companies and insurance company managed separate
accounts that offer variable annuities to disclose their policies and procedures
with respect to the disclosure of their portfolio securities, and any ongoing
arrangements to make available information about their portfolio securities.
Click
here to review the SEC's proposed rule (proposed 12/11/03)
Click
here to read CMFI's comment letter on this proposed rule (submitted 2/6/04)
Click
here to review the final rule (4/19/04, effective 5/28/04)
Concept
Release: Request for Comments on Measures to Improve Disclosure of Mutual
Fund Transaction Costs (proposed 12/19/03)
The Securities and Exchange Commission sought public comment on a
number of issues related to the disclosure of mutual fund transaction costs,
including, among other things, whether mutual funds should be required to
quantify and disclose to investors the amount of transaction costs they incur,
include transaction costs in their expense ratios and fee tables, or provide
additional quantitative or narrative disclosure about their transaction costs.
The SEC also sought public comment on whether mutual funds should be required
to record some or all of their transaction costs as an expense in their financial
statements.
Click
here to read the SEC's concept release (proposed
12/19/03)
Click
here to read CMFI's comment letter on this concept release (submitted
2/23/04)
CMFI sent a letter to SEC Chairman Donaldson regarding omnibus accounts and
the need for uniform treatment of mutual fund shareholders. (12/12/2003)
Click
here to read the letter.
Click
here to read the SEC response.
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