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Archive

Prospectus and SAI

LPL and Four Other Firms Fined for Failing to Deliver Prospectuses

January 08, 2013

Broker-dealer LPL was fined $400,000 by FINRA for failing to implement and maintain adequate procedures to ensure timely delivery of mutual fund prospectuses to its customers.  LPL is required by the federal securities laws to deliver a prospectus within 3 days to any customer… read more

Senate Sends Letter to the SEC on Data Security

June 21, 2011

In a letter to SEC Chair Mary Schapiro, five Democratic members of the Senate Committee on Commerce, Science & Transportation asked the SEC to issue interpretive guidance regarding disclosure of information security risk, including material network breaches.   The Commission, with its authority to protect… read more

Federal District Court Hands Fund Prospectus Liability Win

June 16, 2011

The US District Court for the Southern District of New York dismissed a class action suit brought by plaintiffs alleging that risks associated with the fund's investments in mortgage backed securities were not adequately disclosed in the fund's prospectus.  Arising out of the decline in… read more

Wells Fargo Fined for Tardy Fund Prospectuses

May 12, 2011

Last week FINRA announced that it has imposed a $1 million fine on Wells Fargo Advisors, LLC of St. Louis for its "failure to deliver prospectuses in a timely manner to customers who purchased mutual funds in 2009, and for delays in reporting material information about its… read more

XBRL Reporting for Fund Risk/Return Summaries on Horizon

November 19, 2010

Starting in 2011, mutual funds will be required to provide the risk/return summary sections of their prospectuses to the Commission and on their web sites in eXtensible Business Reporting Language ("XBRL") format.  In particular, the rules require all mutual funds to submit interactive data (computer readable… read more