The Securities and Exchange Commission recently released mutual fund guidance that advises registrants to reduce the length of the summary disclosure to three to four pages and to use “plain English” to explain disclosures.
Meanwhile, the long-awaited release of a formal SEC proposal regarding a variable annuity summary prospectus has been pushed off once again. The agency’s regulatory agenda said the scheduled September release date of such a proposal has been pushed to March 2015.
Lee Covington, senior vice president and general counsel for the Insured Retirement Institute, told ThinkAdvisor.com in an email message that IRI “believes all the work necessary to move this proposal forward has been completed,” and that IRI urges the SEC “to move forward at the earliest possible time.”