NU Online News Service, May 30, 10:55 a.m. — Washington
The U.S. Securities and Exchange Commission is proposing a rule that would let mutual fund advertisements include information that is more up-to-date than the information normally presented in fund prospectuses.
Comments on the proposed rule must be filed with the SEC by July 31.
Carl Wilkerson, chief counsel for securities with the American Council of Life Insurers, Washington, says ACLI will be scheduling a meeting of its Securities Committee to evaluate what comments, if any, ACLI should offer on the SEC’s proposed changes.
He adds that the quality and freshness of the information that consumers get is always important.
In its notice of proposed rulemaking, the SEC says the current restrictions on advertising cause special problems.