The Markets April 8, 2008

SEC Site Allows Easier Fund Performance Comparisons

The Securities and Exchange Commission (SEC) has launched an Internet Web page allowing investors to more easily compare fund cost, risk, and past performance information provided by mutual fund companies.
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An SEC news release said the Mutual Fund Reader grew out of the Commission’s new rules allowing mutual funds to provide information to the SEC and investors using interactive data. The project has received data from 20 mutual funds since August 20, 2007, and officials said they expect other fund complexes to follow suit in coming months.

“The Mutual Fund Reader is an important, time-saving step to help investors compare various mutual funds at the click of a mouse,” said Chairman Christopher Cox, in the SEC announcement “It will help ordinary investors use mutual fund information quickly to make the best decisions in investing for retirement, college education, health care, and other financial needs.”

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The new site is http://a.viewerprototype1.com/viewer.

Compliance April 8, 2008

SPARK Seeks Comments on 403(b) Information Sharing Agreement

The SPARK Institute has released for public review and comment a draft sample Information Sharing Agreement (ISA) for 403(b) plan vendors and employers.
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According to a SPARK press release, the sample ISA provides:

  • A set of sample contractual provisions, with [bracketed alternative or optional text] and italicized user notes, and
  • A list of the data elements and information which SPARK Institute members have collectively agreed upon as minimally necessary for issuers and vendors to exchange.

Last week the Institute release an exposure draft, “Best Practices for 403(b) Plans Information Sharing — Minimum and Comprehensive Data Elements,” summarizing what information will be shared among affected parties (See SPARK Issues Proposed Best Practices for 403(b) Info Sharing).

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Both documents are available for review at http://www.sparkinstitute.org/comments-and-materials.php. The Institute is asking that public comment be provided to SPARK general counsel Larry Goldbrum at larry@sparkinstitute.org by April 18 because it is hoping to finalize industry standards by April 30.

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