Resource Hub

Disclosure

The SEC is continuously active in examining and improving fund disclosures through rulemakings, disclosure review, and other initiatives. The ICI Disclosure Working Group provides a forum for members to discuss disclosure-related issues for all types of US registered funds, including problematic comments received from SEC staff during the disclosure review process, as well as SEC rule proposals and final rules impacting fund disclosures.

Overview

Tailored Shareholder Reports

On October 26, 2022, the SEC adopted rule and form amendments for mutual funds and ETFs that substantially changed the content and scope of disclosure in shareholder reports. Shareholder reports filed after June 24, 2024 are much more concise and include only key information for shareholders. Most information formerly included in annual and semi-annual shareholder reports, including financial statements and financial highlights, is now filed with the SEC on Form N-CSR and posted to funds’ websites. The changes reflect the SEC’s goal of layered disclosure in an effort to improve the retail investor experience.

Retail Investor Experience

In June 2018, the SEC issued a request for comment seeking feedback on retail investors' experiences with fund disclosure and on ways to improve fund communication with shareholders. This initiative was part of a long-term project led by the SEC Division of Investment Management to explore the modernization of the design, delivery, and content of fund disclosures. The SEC received several comments, including from ICI, which generally showed that retail investors prefer concise, layered disclosure and feel overwhelmed by the volume of fund information they currently receive.

Committees & Working Groups

Disclosure Working Group

The Disclosure Working Group provides a forum for members to discuss disclosure-related issues for all types of US registered funds, including comments received from SEC staff during the disclosure review process.

EU Sustainable Finance Disclosure Regulation Working Group

The EU Sustainable Finance Disclosure Regulation (SFDR) Working Group focuses primarily on the European Commission’s review of the SFDR Level 1 legislative text. It will also occasionally focus on Level 2 and Level 3 developments and changes. This group will routinely share its work and findings with the Europe Regulatory and Policy Committee.

ICI Contacts

News & Publications

News Release

ICI Statement on SEC Reporting of Securities Loans and Short Sale Disclosure Rulemaking

October 13, 2023—ICI General Counsel Susan Olson released the following statement regarding the Securities and Exchange Commission’s (SEC) vote to adopt new rules regarding reporting of securities loans and short sale disclosure.

October 13, 2023

News Release

ICI Applauds House Committee Passage of E-Delivery Legislation

ICI President and CEO Eric Pan released the following statement today after the House Financial Services Committee advanced the Improving Disclosure for Investors Act, H.R. 1807.

April 27, 2023

News Release

ICI: Mutual Funds Have Helped Middle Class Families Secure Their Financial Futures

ICI concluded its annual Investment Management Conference this week, after convening senior regulatory officials and industry leaders for a robust discussion of the issues facing asset managers today.

March 23, 2023

News Release

ICI Welcomes the Improving Disclosure for Investors Act

The bipartisan ‘Improving Disclosure for Investors Act’ is an important step forward in modernizing delivery of investor disclosures. This bill reflects their strong preference to receive disclosure documents electronically, which also helps investors find the information that is most relevant to them.

December 16, 2022