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Friday, November 16, 2007|
Fund Companies Show Support for New SEC Disclosure Regs
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.
Heidi Stam, 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."
John Murphy, 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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