[Federal Register Volume 73, Number 152 (Wednesday, August 6, 2008)]
[Proposed Rules]
[Page 45646]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-18036]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Parts 230, 232, 239, and 274

[Release Nos. 33-8949; IC-28346; File No. S7-28-07]
RIN 3235-AJ44


Enhanced Disclosure and New Prospectus Delivery Option for 
Registered Open-End Management Investment Companies

AGENCY: Securities and Exchange Commission.

ACTION: Proposed rule; reopening of comment period.

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SUMMARY: The Securities and Exchange Commission is reopening the period 
for public comment on amendments it originally proposed in Securities 
Act Release No. 8861 (Nov. 21, 2007) [72 FR 67790 (Nov. 30, 2007)]. The 
rule proposal would, if adopted, require key information to appear in 
plain English in a standardized order at the front of the mutual fund 
prospectus; and permit a person to satisfy its mutual fund prospectus 
delivery obligations under section 5(b)(2) of the Securities Act of 
1933 by sending or giving the key information directly to investors in 
the form of a summary prospectus and providing the statutory prospectus 
on an Internet Web site.

DATES: Comments should be received on or before August 29, 2008.

ADDRESSES: Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/proposed.shtml);
     Send an e-mail to [email protected]. Please include 
File No. S7-28-07 on the subject line; or
     Use the Federal eRulemaking Portal (http://www.regulations.gov). Follow the instructions for submitting comments.

Paper Comments

     Send paper comments in triplicate to Florence E. Harmon, 
Acting Secretary, Securities and Exchange Commission, 100 F Street, 
NE., Washington, DC 20549-1090.

All submissions should refer to File No. S7-28-07. This file number 
should be included on the subject line if e-mail is used. To help us 
process and review your comments more efficiently, please use only one 
method. The Commission will post all comments on the Commission's 
Internet Web site (http://www.sec.gov). Comments are also available for 
public inspection and copying in the Commission's Public Reference 
Room, 100 F Street, NE., Washington, DC 20549, on official business 
days between the hours of 10 a.m. and 3 p.m. All comments received will 
be posted without change; we do not edit personal identifying 
information from submissions. You should submit only information that 
you wish to make available publicly.

FOR FURTHER INFORMATION CONTACT: Deborah D. Skeens, Senior Counsel, 
Office of Disclosure Regulation, Division of Investment Management, at 
(202) 551-6784, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-5720.

SUPPLEMENTARY INFORMATION: The Securities and Exchange Commission 
(``Commission'') is reopening the period for public comment on proposed 
rule and form amendments that are intended to enhance the disclosures 
that are provided to mutual fund investors. These amendments were 
proposed on November 21, 2007,\1\ and the comment period initially 
closed on February 28, 2008. The Commission's proposal would, if 
adopted, require key information to appear in plain English in a 
standardized order at the front of the mutual fund statutory 
prospectus. The proposals also would permit a person to satisfy its 
mutual fund prospectus delivery obligations under Section 5(b)(2) of 
the Securities Act of 1933 by sending or giving the key information 
directly to investors in the form of a summary prospectus and providing 
the statutory prospectus on an Internet Web site. Upon an investor's 
request, mutual funds would also be required to send the statutory 
prospectus to the investor.
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    \1\ Enhanced Disclosure and New Prospectus Delivery Option for 
Registered Open-End Management Investment Companies, Securities Act 
Release No. 8861 (Nov. 21, 2007) [72 FR 67790 (Nov. 30, 2007)].
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    The Commission recently engaged a consultant to conduct focus group 
interviews and a telephone survey concerning investors' views and 
opinions about various disclosure documents filed by companies, 
including mutual funds. During this process, investors participating in 
focus groups were asked questions about, among other things, a 
hypothetical summary prospectus. Investors participating in the 
telephone survey were asked questions relating to several disclosure 
documents, including mutual fund prospectuses. We have placed in the 
comment file (available at http://www.sec.gov) for the proposed rule 
the following documents from the investor testing that relate to mutual 
fund prospectuses and the proposed summary prospectus: (1) The 
consultant's report concerning focus group testing of the hypothetical 
summary prospectus and related disclosures; (2) transcripts of focus 
groups relating to the hypothetical summary prospectus and related 
disclosures; (3) disclosure examples used in these focus groups; and 
(4) an excerpt from the consultant's report concerning the telephone 
survey of individual investors. In order to provide all persons who are 
interested in this matter an opportunity to comment on these additional 
materials, we believe that it is appropriate to reopen the comment 
period before we take action on the proposal.
    We invite additional comment on the proposal in light of these 
materials, and on any other matters that may have an effect on the 
proposal.
    Accordingly, we will extend the comment period until August 29, 
2008.

    By the Commission.

    Dated: July 31, 2008.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-18036 Filed 8-5-08; 8:45 am]
BILLING CODE 8010-01-P