The SEC is proposing a package of new rules that would streamline shareholder reports for mutual funds and exchange-traded funds. The proposals would allow annual reports to stand in for many annual prospectus update mailings, and generally reimagine how funds communicate with current shareholders. These are strikingly ambitious changes that, if adopted, will require significant investment and thought to implement.
The proposed amendments would, among other things, replace existing annual and semi-annual shareholder reports for mutual funds and exchange-traded funds with a wholly new and much shorter format, require that these new shareholder reports be mailed (or emailed, with respect to shareholders electing electronic delivery), establish an optional approach for prospectus delivery to existing shareholders (which could leverage the new requirement to include an annual summary of material fund changes in annual shareholder reports), change how fees and expenses and principal risks are presented in fund prospectuses, and require standardized treatment of expenses in fund advertising.
Sidley Austin LLPはクライアントおよびその他関係者へのサービスの一環として本情報を教育上の目的に限定して提供します。本情報をリーガルアドバイスとして解釈または依拠したり、弁護士・顧客間の関係を結ぶために使用することはできません。
弁護士広告 - ニューヨーク州弁護士会規則の遵守のための当法律事務所の本店所在地は、Sidley Austin LLP ニューヨーク：787 Seventh Avenue, New York, NY 10019 (+212 839 5300)、シカゴ：One South Dearborn, Chicago, IL 60603、(+312 853 7000)、ワシントン：1501 K Street, N.W., Washington, D.C. 20005 (+202 736 8000)です。
If you have any questions regarding this Sidley Update, please contact the Sidley lawyer with whom you usually work, or
