Registration Form Used by Open-End Management Investment Companies and New Disclosure Option for Open-End Management Investment Companies

OGC-98-40: Published: Apr 3, 1998. Publicly Released: Apr 3, 1998.


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Pursuant to a legislative requirement, GAO reviewed the Securities and Exchange Commission's (SEC) registration form used by open-end management investment companies, and new disclosure option for open-end management. GAO noted that: (1) the registration form would amend Form N-1A; (2) the final rule is intended to improve fund prospectus disclosure and to promote more effective communication of information about funds to investors; (3) the New Disclosure Option final rule permits a mutual fund to offer investors a new disclosure document called A Profile, which summarizes key information about a fund's investment strategies, risks, performance, and fees in a concise, standardized format; (4) investors have the option of purchasing the fund's shares after reviewing the profile or after requesting and reviewing the fund's prospectus; (5) an investor deciding to purchase shares based on the information in a profile will receive a prospectus with confirmation of the purchase; and (6) SEC complied with applicable requirements in promulgating the rule.

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