SEC issues interpretive letter on duties of mutual fund directors
The SEC has issued an interpretive letter on the duties of mutual fund directors under the Investment Company Act that should help fund boards reduce the volume of quarterly review materials for their directors by relying on summary quarterly reports prepared by the fund's chief compliance officer or other designated persons.
Mutual fund companies must bolster their disclosures to investors and more clearly explain major changes that impact fund returns, the Ontario Securities Commission said in a notice issued Friday.