The Securities and Exchange Commission has given mutual funds advertising tax efficiency another two months to comply with its after-tax disclosure rule. Yesterdays announcement at an open meeting follows a number of actions intended to help investment companies better cope with the disruption of business resulting from the September 11 terrorist attacks.
While the news may come as a bittersweet relief to funds already rushing to meet the deadline (MFMN 9/5/2001), regulators have received praise from the industry for its wide range of decisions to ease and adjust usual rules during an extraordinary time for the ndustry.
"We've seen the best out of our regulators, in terms of granting temporary relief," said Jill McGruder, CEO of Touchstone Securities. "The SEC has been particularly responsive to the immediate needs of fund complexes and third-party providers."