In a speech to the Mutual Fund Directors Forum, Securities and Exchange Commission Chairman William Donaldson unraveled a broad set of measures that the federal agency plans to undertake to regulate the mutual fund industry more closely.

Donaldson emphasized the need to make mutual fund disclosure documents simpler. "Few would disagree that many mutual fund disclosure documents are too long and complicated," he said. "Investors need disclosure that is clear, understandable and in a usable format in order to make informed decisions," he added. Although he didn't provide a timetable, Donaldson said his staff was working on making disclosure documents less overwhelming for investors.

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