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Rating:SEC Proposes Rule Change for MF Ads Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, May 15, 2002

SEC Proposes Rule Change for MF Ads

by: Tony Pennino

The Securities and Exchange Commission is looking at making changes as to how mutual fund firms advertise their products. The government wants fund companies to present what it terms more balanced information for prospective investors.

The changes would mean new rule amendments. "These proposals are consistent with the Commission's current approach to mutual fund advertising, and reflect good changes that will help investors," stated, Harvey L. Pitt, chairman of the SEC. "As these proposals go forward, we also want to consider whether our current approach to mutual fund advertising can be improved without diminishing the protections public investors receive."

The rule changes include the following:
  • performance information that includes disclosure that past performance does not guarantee future results,
  • statements that highlight a fund's charges and expenses,
  • prominent disclosure of when quoted performance occurred,
  • and a renewed emphasis that fund advertisements are subject to antifraud provisions.
The SEC is soliciting comments on these proposed changes by July 31, 2002.

The body has also proposed giving fund firms more flexibility in how they advertise their portfolios. 

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