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SEC (Securities and Exchange Commission) Rule Priorities for 2014

During a speech at the Investment Company Institute’s annual Mutual Funds and Investment Management Conference, Norm Champ, Director of the Division of Investment Management, reviewed the SEC’s rule priorities for 2014. While none of the priorities he discussed are new issues, his summary provides helpful insight on areas of focus for 2014.

Most notably, and to no one’s surprise, Mr. Champ indicated that money market fund reform would be a key 2014 initiative. Some other areas that Mr. Champ and Diane Blizzard, associate director of rulemaking in the Division of Investment Management, discussed included the following:

  • updating and "substantially improving" Form N-SAR, including potentially changing how frequently the form must be filed;

  • reforming variable annuity disclosure;

  • reviewing target date funds marketing materials and the glidepath illustrations and requesting additional comments on the disclosure;

  • reviewing portfolio holdings disclosure for open-end funds;

  • revising the 2008 rule proposal that would allow certain exchange-traded funds to launch without obtaining exemptive relief from the SEC;

  • continuing regulatory initiatives on exchange-traded funds; and

  • reviewing the "say-on-pay" rulemaking addressing proxy voting reporting by institutional investment managers.

Sources: SEC Rule Priorities: Fund Disclosure, ETFs, VA Summaries, Ignites, Beagan Wilcox Volz (March 25, 2014); Remarks to the 2014 Mutual Funds and Investment Management Conference (March 17, 2014).

Copyright © 2020 Godfrey & Kahn S.C.National Law Review, Volume IV, Number 120



About this Author

Chris Cahlamer Investment Management Attorney

Chris Cahlamer is the team leader of the firm’s Investment Management Practice Group, where he practices in investment management and securities law, focusing on investment companies, investment advisers, regulatory examinations, new product development, SEC compliance and reporting obligations, CCO support, private fund formation and operation, investment company reorganizations, investment advisor mergers and acquisitions, and general corporate and board fiduciary issues.

Chris earned his law degree, summa cum laude, at Marquette University Law School. While there, he...

Susan Hoaglund, Investment Management Attorney, Godfrey Kahn law firm

Susan Hoaglund is a member of the Investment Management Practice Group. Susan provides advice to investment advisers, investment companies, broker-dealers and banks regarding legal, regulatory and compliance matters.