Overview
Tailored Shareholder Reports
On October 26, 2022, the SEC adopted rule and form amendments for mutual funds and ETFs that substantially changed the content and scope of disclosure in shareholder reports. Shareholder reports filed after June 24, 2024 are much more concise and include only key information for shareholders. Most information formerly included in annual and semi-annual shareholder reports, including financial statements and financial highlights, is now filed with the SEC on Form N-CSR and posted to funds’ websites. The changes reflect the SEC’s goal of layered disclosure in an effort to improve the retail investor experience.
Retail Investor Experience
In June 2018, the SEC issued a request for comment seeking feedback on retail investors' experiences with fund disclosure and on ways to improve fund communication with shareholders. This initiative was part of a long-term project led by the SEC Division of Investment Management to explore the modernization of the design, delivery, and content of fund disclosures. The SEC received several comments, including from ICI, which generally showed that retail investors prefer concise, layered disclosure and feel overwhelmed by the volume of fund information they currently receive.
Committees & Working Groups
ICI Contacts
News & Publications
News & Publications
ICI Statement on SEC Reporting of Securities Loans and Short Sale Disclosure Rulemaking
Washington, DC; October 13, 2023—Investment Company Institute (ICI) General Counsel Susan Olson released the following statement regarding the Securities and Exchange Commission’s (SEC) vote to adopt new rules regarding reporting of securities loans and short sale disclosure. “While ICI supports the Commission’s objectives of enhancing transparency for market participants and facilitating regulatory oversight in the securities loan and short sale reporting rules, we remain concerned about the implications of these rules for investors. Securities lending is an important and beneficial source of...
ICI Applauds House Committee Passage of E-Delivery Legislation
Washington, DC; April 27, 2023—Investment Company Institute (ICI) President and CEO Eric Pan released the following statement following the House Financial Services Committee's passage yesterday of the Improving Disclosure for Investors Act, H.R. 1807. “The Improving Disclosure for Investors Act would modernize our capital markets by directing the SEC to permit financial firms to deliver regulatory documents to investors through electronic means. Recognizing this widespread preference would make it easier for investors to find the information most relevant to them. “ICI applauds Reps. Huizenga...
ICI: Mutual Funds Have Helped Middle Class Families Secure Their Financial Futures
Palm Desert, CA; March 23, 2023—The Investment Company Institute (ICI) concluded its annual Investment Management Conference this week, after convening senior regulatory officials and industry leaders for a robust discussion of the issues facing asset managers today. In his address before the conference, ICI’s CEO and President Eric Pan emphasized the historic success of mutual funds to help Americans achieve their savings goals and the impact on everyday Americans of pending regulatory measures, such as the SEC’s mandatory swing pricing and fund names proposals. “For the great majority of...
ICI Welcomes the Improving Disclosure for Investors Act
Washington, DC; December 16, 2022—Today, ICI President and CEO Eric Pan released the following statement on the recently introduced H.R. 9570, Improving Disclosure for Investors Act. The bill is authored by Rep. Bill Huizenga (R-MI-2) and cosponsored by Rep. Jake Auchincloss (D-MA-4), and would direct the Securities and Exchange Commission (SEC) to engage in rulemaking permitting financial firms to provide disclosures to investors through electronic means. “The bipartisan ‘Improving Disclosure for Investors Act’ is an important step forward in modernizing delivery of investor disclosures. The...
