The coming of the new short form prospectus took center stage at the ICI's annual Mutual Funds and Investment Management Conference in Phoenix, Arizona.
In Monday morning's keynote, ICI president and CEO Paul Schott Stevens
addressed the issue form the industry side and SEC commissioner Paul Atkins
took the regulator's view.
Stevens kicked things off, saying the summary prospectus amounts to a quick start guide for a fund. He added that in the ICI's research an overwhelming majority of investors were for the change.
While Stevens recommended that the SEC move forward to approve the short form prospectus, he cautioned that the quarterly update requirement may present too much of a burden for funds to comply with.
Atkins agreed with Schott's view, saying that the quarterly update has been a sticking point for the new rule and the SEC was willing to consider alternatives to it. He invited those in the industry to give their ideas asking the audience to "work with us." Presumably he also meant not against us.
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