SEC Adopts “Summary Prospectus” Rule and Related Amendments Designed to Enhance Mutual Fund Prospectus Disclosure and Delivery

March 11, 2009
The U.S. Securities and Exchange Commission has adopted the long-awaited short-form or summary prospectus, which allows mutual funds to satisfy their prospectus delivery obligations under the Securities Act of 1933, as amended, by providing the same key information that appears at the front of the statutory prospectus to investors in a summary document (the “Summary Prospectus”), provided that the statutory prospectus and certain other information are made available on the Internet. This update examines the SEC’s new rules and form amendments, which will significantly affect the disclosure documents of all mutual funds—even those that do not use the Summary Prospectus—and fundamentally change how funds that do use the Summary Prospectus deliver disclosure documents to their shareholders.