Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Monday, May 5, 2008

Donohue on Mutual Fund Reform

Andrew J. Donohue, SEC Director, Division of Investment Management, presented the Keynote Address at the Practicing Law Institute Investment Management Institute 2008, on April 24, 2008 in New York City.  He addressed three "hot" topics:  mutual fund disclosure, specifically the summary prospectus and tagged data; (2) reform of Rule 12b-1 fees, and (3) the RAND report on the increasingly blurred distinctions between broker-dealers and investment advisers.  As to Rule 12b-1 fees, Donohue said that the staff will propose that they be broken into two parts:  a sales charge and a fee for services and administrative services.  In this way, it is hoped that investors would be less confused about what these fees represent.  As to the RAND report, he said that he and the Director of Trading and Markets would be presenting a "range of options" to Chair Cox on May 5.

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