FUND DISCLOSURE AT A GLANCE
Who we are:
The Division of Investment Management’s Disclosure Review and Accounting Office (DRAO) is responsible for reviewing filings such as prospectuses, proxy statements, and shareholder reports for mutual funds, exchange traded funds (ETFs), closed-end funds, variable insurance products, unit investment trusts, and similar investment funds. Millions of Americans use these funds to invest for their retirement, their children’s educations, and other important financial goals. We work to ensure that these investors have the information they need to make informed investment decisions.
Core Disclosure Principles:
Good disclosure should help investors:
- find what they need
- understand what they find
- use what they find to make informed investment decisions
Funds make many filings and their complexity varies. For this reason, DRAO takes a “risk-based” approach in reviewing filings. When reviewing filings, the staff generally places greater focus on:
- filings by novel and complex funds
- new disclosures (such as changes in response to the Commission’s adoption of new rules)
- disclosures that influence investment decisions, such as disclosures regarding strategies, risks, fees, and performance
The Disclosure Review and Accounting Office is pleased to respond to inquiries from investors, registrants, and other market participants and hear feedback on fund disclosure and accounting matters or the disclosure review process.
Registrants can also contact us to determine the identity of the examiner assigned to your filing.
For EDGAR-related questions, call 202-551-8900.
- New Fund Disclosure Website
- ADI 2018-06 - Requests for Selective Review
- ADI 2018-05 - Use of rate sheet supplements in connection with variable insurance products
- ADI 2018-04 - Marked copies of amendments to registration statements
- ADI 2018-03 - Filing information statements in connection with multi-manager exemptive relief
- ADI 2018-02 - Template Filing Relief
- ADI 2018-01 - Expanded Use of Draft Registration Statement Review Procedures for Business Development Companies
- Staff Letter: Engaging on Fund Innovation and Cryptocurrency-related Holdings
Investor.gov is your online resource to help you make sound investment decisions and avoid fraud.