The newly adopted rules that govern the personal trading practices of portfolio managers contain few changes from the SEC's original proposal four years ago, regulators, mutual fund lawyers and consultants said last week.
The final version of the rules, which the SEC approved Aug. 23, requires that portfolio managers and other executives with information about fund trading strategies provide an annual statement listing their personal securities holdings. That requirement was not in the original rule proposal, SEC officials said. The new rules also permit mutual fund companies to disclose their ethics standards deeper in fund registration statements - in the statement of additional information - rather than in the prospectus, SEC officials said. The original proposal, which the SEC issued Sept. 8, 1995, called for a summary of ethics codes to appear in fund prospectuses. The new rules take effect March 1.