The SEC wants to extend its campaign to eliminate legal-speak in mutual fund prospectuses to documents fund advisers file disclosing key fund information. Extending what is called "plain English" to these documents, known as Form ADVs, is likely to generate more work for lawyers and consultants and add what should be a one-time expense for fund advisers.

If a new SEC proposal is adopted, virtually every mutual fund advisory firm will have to revise their Form ADVs, according to fund industry lawyers. The consequences for fund companies should not be enormous, but it will require lawyers, compliance executives and perhaps writing consultants to revise a document whose format has been largely unchanged for 15 years, lawyers said.

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