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The SEC's Division of Investment Management published guidance stating mutual funds that modify fee structures and offer new share classes in order to comply with the Department of Labor's...
The SEC's Division of Investment Management published
guidance stating mutual funds that modify fee structures and offer
new share classes in order to comply with the Department of
Labor's investment advice rule must clearly highlight the
changes, which can be outlined in a prospectus appendix. The
guidance further clarified how funds should disclose changes to
sales loads leveling compensation for brokers, stating it should
"specifically identify each intermediary whose investors
receive a sales load variation" in a "clear, concise and
understandable manner," using tables, schedules and charts as
necessary to aid understanding. The SEC said it would not object to
the use of a standalone appendix. Currently set to become effective
on April 10, 2017, the rule faces an uncertain future as President-elect Donald
Trump promised to either halt or dismantle it before
implementation.
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