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ARTICLE · 31 OCTOBER 2022

SEC Votes To Overhaul Mutual Fund And ETF Shareholder Reports

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

Herbert Smith Freehills Kramer LLP

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On Oct. 26, 2022, the Securities and Exchange Commission (SEC) unanimously voted to amend the annual and semi-annual shareholder report requirements for mutual funds and ETFs (Funds).

United StatesFinance and Banking
George Silfen
George Silfen
Nicholas Devine
Nicholas Devine
Yashvi Ganeriwala
Yashvi Ganeriwala
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On Oct. 26, 2022, the Securities and Exchange Commission (SEC) unanimously voted to amend the annual and semi-annual shareholder report requirements for mutual funds and ETFs (Funds). The amendments, which require that Funds provide shareholders "concise and visually engaging" annual and semiannual reports, are aimed at ensuring that retail investors are better able to understand the performances, fees and other key information of their Fund investments. The new, shorter reports are required to be sent directly to investors, either electronically or through mail (and they may no longer simply be made available online).

In short, the new, simplified reports would highlight key Fund information, such as Fund expenses, performance, and portfolio holdings. The form instructions would also encourage use of graphics to enhance readability. In general, the remaining Fund information that currently appears in annual and semiannual reports would continue to be made available

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