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Division Priorities 2014

In a recent speech, the SEC’s Deputy Director of the Division of Investment Management, David Grim, outlined the Division’s progress on several key issues.  The areas discussed were as follows:

  • Target Date Funds:  In 2010 the SEC had issued a rule proposal that would have required these funds to provide an asset allocation glide path illustration over the life of the fund.  The Division is “currently preparing for the Commission’s consideration a request soliciting additional comment on standardized risk-based glide path illustrations for target date funds.”  Mr. Grim gave no time table for release of this request.
  • Money Market Funds:  Mr. Grim noted that the agency recently released several reports by the agency’s Division of Economic and Risk Analysis that evaluate data and academic literature related to money market funds.  The staff continues to work on a rule release anticipated to be finalized in 2014.
  • Variable Annuity Summary Prospectus:  The staff continues to work on reforming variable annuity disclosure in a manner similar to the mutual fund summary prospectus, which was adopted in 2009 and is now broadly in use.  The disclosure is more complex for a variable annuity than for a mutual fund, and the staff is focused on identifying the key facts investors need to know about the risks and costs of these investments.
  • Investment Adviser/Broker-Dealer Initiative:  The Dodd Frank Act gave the agency authority to impose a uniform fiduciary duty on broker-dealers and investment advisers when giving personalized investment advice.  The staff is in the process of reviewing potential options, and Mr. Grim provided no time frame for completion of this initiative.

The full speech can be found here:


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