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SEC Proposes Shareholder Access to Director Nominations
July 01, 2009
Earlier this month, the SEC published for comment the text of the proxy access rules the Commission proposed at its May 20, 2009 open meeting, "Facilitating Shareholder Director Nominations" (the Release). This proposal would require companies, in certain conditions, to include shareholder nominees… read more
Donohue: 1940 Act - Derivatives, Leverage, and Risk Disclosure
April 22, 2009
On April 17, Andrew J. Donohue, Director of the SEC's Division of Investment Management, addressed the American Bar Association's spring meeting in Vancouver. His speech, entitled "Investment Company Act of 1940: Regulatory Gap between Paradigm and Reality," discussed "investment companies' use of derivatives… read more
Fund Case Raises Disclosure Liability Issues
March 11, 2009
As markets have continued to drop, new lawsuits against mutual funds, fund companies and directors are beginning to be filed. A District Court in California recently issued a decision that, if followed more widely, has potentially significant implications for future mutual fund-related litigation. The case,… read more
Final Rule Release: Enhanced Disclosure and New Prospectus Delivery Option for Investment Companies
January 14, 2009
During his January 13 keynote address at the Forum's Third Annual Directors' Institute, Andrew J. Donohue, Director of the SEC's Division of Investment Management, announced that the Division has posted the final rule release for the Summary Prospectus, a streamlined prospectus… read more
Interactive Data for Mutual Fund Risk/Return Summaries
December 22, 2008
On December 18, 2008, the SEC approved final rules requiring mutual funds, starting in 2011, to include data tags in their public filings supplying investors with such information as objectives and strategies, risks, performance, and costs. The Commission believes that requiring funds to add electronic… read more