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SEC issues guidance update regarding enhanced mutual fund disclosure

Domenick Pugliese (Partner, based at Paul Hastings LLP, New York, New York, USA)
Michael Rosella (Partner, based at Paul Hastings LLP, New York, New York, USA)
David Hearth (Partner based at Paul Hastings LLP, San Francisco, CA, USA)

Journal of Investment Compliance

ISSN: 1528-5812

Article publication date: 28 October 2014




To explain a guidance update recently issued by the USA Securities and Exchange Commission (SEC) Division of Investment Management that furthers the SEC’s goal of clear and concise, user-friendly disclosure by focusing on certain specified requirements of Form N-1A and the rules under the Securities Act of 1933.


Discusses five areas where the SEC staff had been providing significant numbers of comments related to mutual fund disclosure after the adoption of the amendments to Form N-1A in 2009 by summarizing the applicable instructions of Form N1-A and/or rule and the SEC staff’s observations with respect to such instruction or rule.


Funds should ensure that during their next annual update they review their prospectus disclosure in light of this guidance update and make necessary changes so that the disclosure is clear and concise and not overly technical.


A concise summary of the SEC’s guidance update from experienced investment management lawyers.



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Disclaimer. The views expressed in this publication reflect those of the authors and not necessarily the views of Paul Hastings. For specific information on recent developments or particular factual situations, the opinion of legal counsel should be sought.


Pugliese, D., Rosella, M. and Hearth, D. (2014), "SEC issues guidance update regarding enhanced mutual fund disclosure", Journal of Investment Compliance, Vol. 15 No. 4, pp. 11-14.



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Copyright © 2014, Authors

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