SEC Intervenes in Sales of Open-End Shares

by David Jenyns on October 31, 2008

Imply a percentage return on the investment in the shares of investment companies, except when the rate of return is expressed as a ratio of dividends paid from net investment income and adjustment has been made for capital gains distributions.

6. Represent that shares of an investment company are similar to or as safe as government bonds, insurance annuities, savings accounts, or life insurance, or possess the features of a debt security; or that the management of an investment company is under the same type of investment restrictions or is operated under limitations such as are imposed on savings banks and insurance companies, except as investment policy is restricted by the investment company itself as set forth in the registration statement.

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