Wednesday, May 21, 2008
The SEC voted unanimously to propose that mutual fund investors get access to key information about fees, performance, and strategies through interactive data, which would permit investors to make comparisons among thousands of funds. The SEC's proposal would require funds to label data in their public filings using computer tags similar to the bar codes that identify products at stores or packages in the mail. Mutual funds already have been submitting information to the SEC in interactive data format on a voluntary basis. The SEC's rule proposal would require all mutual funds to provide data-tagged information beginning with registration statement filings that become effective after Dec. 31, 2009. A mutual fund also would be required to post the interactive data on its Web site, if it maintains one.
Last week, the SEC proposed a similar rule to help investors by requiring public companies to provide financial information using interactive data beginning next year for the largest companies and within three years for all public companies. Mutual Fund Investors Could Get Access to "Comparison Shopping" Information.