After the SEC's approval yesterday of a proposal that would require fund companies to provide investors with a shortened prospectus, written in "plain English," many fund companies are showing their support for the idea.
, managing director-Legal at Vanguard
said, "As a leader in candid, 'plain talk' shareholder communications, Vanguard supports the concept of a summary prospectus. We believe that if correctly executed, the short-form prospectus would be a useful and usable tool for investors to evaluate and compare mutual funds."
Martin L. Flanagan
, president and chief executive officer of Invesco Plc, parent company of AIM Investments
, said, "Providing relevant information in a timely, cost-effective manner is of paramount importance in our ongoing mission to help investors build their financial security."
, chairman and CEO of OppenheimerFunds
and chairman of the ICI, said, "Investors need clear and concise information to be able to make informed investment decisions. The proposed short-form prospectus is an improved approach to providing concise key information while utilizing the Internet, which is already a powerful tool for a growing number of mutual fund investors."
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