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SEC amends requirements for shareholder reports of mutual funds and ETFs

On October 26, the SEC voted to adopt amendments to the requirements for annual and semi-annual shareholder reports provided by open-end mutual funds and exchange-traded funds (ETFs). Among other requirements, the amendments will require open-end funds to provide concise, visually engaging, tailored shareholder reports that highlight key information for retail shareholders, such as fund expenses, performance, and portfolio holdings. The SEC is also amending Rule 30e-3 to exclude open-end funds, which will require them to provide the new tailored annual and semi-annual reports in paper unless the shareholder has elected to receive them electronically. Lastly, the SEC adopted amendments to investment company advertising rules to require that fee and expense presentations in mutual fund and business development company advertisements and sales literature be consistent with relevant prospectus fee table presentations and be reasonably current. The amendments will become effective 60 days after publication in the Federal Register, with an 18-month transition period after the effective date.

The SEC also voted to propose a new rule and rule amendments under the Investment Advisers Act of 1940 to prohibit registered investment advisers from outsourcing certain services and functions without conducting due diligence and monitoring of the service providers.
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