The SEC has announced that at it's open meeting scheduled for Wednesday, June 16, the Commission would consider whether to propose disclosure and other rules aimed at target date funds. The Commission's announcement states that the Commission will consider:
whether to propose amendments to rules 156 and 482 under the Securities Act of 1933 and rule 34b-1 under the Investment Company Act of 1940 to address concerns that have been raised about target date retirement fund names and marketing materials.
Recently, target date funds have received significant attention, much of it negative because of their sharply negative performance in the recent market downturn. This also led to questions about their marketing and disclosure practices, and whether they are delivering what they promise to investors. The SEC has promised to make target date funds a priority in their focus on protecting financial consumers.
The open meeting is scheduled to start at 10:00AM on June 16, and will be held at the SEC's Washington, DC headquarters. The meeting will also be webcast via a link on the Commission's website, www.sec.gov.
The SEC's announcement is available at: http://sec.gov/news/openmeetings/2010/agenda061610.htm
The Sunshine Act Notice is available at: http://sec.gov/news/openmeetings/2010/ssamtg061610.htm