February 27, 1997
TO: BOARD OF GOVERNORS No. 14-97
PRIMARY CONTACTS - MEMBER COMPLEX (MEMBERS - ONE PER COMPLEX)
No. 11-97
RE: SPEECH BY SEC CHAIRMAN ON DISCLOSURE REFORM
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Attached is a speech delivered yesterday in Boston by SEC Chairman Arthur Levitt, Jr.
In the speech, Chairman Levitt describes three disclosure reform initiatives that the
Commission will consider at its open meeting tomorrow. The Commission will consider
whether to issue for public comment proposals to a) substantially revise Form N-1A, the
mutual fund registration form, b) allow investors the option to rely on a more summary
disclosure document, a profile prospectus, in purchasing fund shares, and c) require funds with
a name that suggests a particular type of investment to invest at least 80 percent of its assets
accordingly.
We will keep you informed of the Commission’s action with respect to these proposals.
Matthew P. Fink
President
Attachment (in .pdf format)