Division of Investment Management: Disclosure Review and Accounting Office

The Disclosure Review and Accounting Office (DRAO) is primarily responsible for the analysis and review of filings for mutual funds, ETFs, closed-end funds, variable insurance products, unit investment trusts, and similar investment companies under the Federal securities laws. These responsibilities include the review of initial registration statements, post-effective amendments thereto, proxy statements, and financial statements as required by the Sarbanes-Oxley Act of 2002. DRAO’s Chief Accountant's Office is responsible for rendering interpretations regarding the full and fair disclosure and the application of rules relating to the form and content of financial statements of IM registrants as well as recommending the establishment, in collaboration with the Commission's Office of the Chief Accountant, of sound and uniform auditing and accounting standards with respect to IM registrants.