Bittersweet Relief for Funds

The Securities and Exchange Commission has given mutual funds advertising tax efficiency another two months to comply with its after-tax disclosure rule. Yesterday’s 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.