SEC Approves Mutual Fund Summary Prospectuses

SEC Approves Mutual Fund Summary Prospectuses

News
On January 13, 2009, the Securities and Exchange Commission (SEC) issued a release adopting rule changes to allow mutual funds to use summary prospectuses. The release also makes substantial revisions to Form N-1A, which prescribes the content of mutual fund prospectuses. Mutual funds will have to provide a revised summary section at the beginning of each statutory prospectus and can use the information in this summary section as a summary prospectus to satisfy their delivery obligations under Section 5(b)(2) of the Securities Act of 1933. For more on the SEC's release of the rule changes, see our recent Email Alert.