On February 28, 2010, the SEC's new proxy disclosure enhancements went into effect. Not only do the new disclosure rules make changes to proxy statements and information statements, they also require funds to make updates to their registration statements and, in turn, to their annual trustee and officer questionnaires to elicit additional information from trustees.
Mutual fund registration statements will now need to disclose information on each individual trustee's qualifications to serve on the board. Additionally, funds will need to disclose information on leadership structure and the board's role in the risk management process.
Fund trustee and officer questionnaires typically solicit information on a trustee's or trustee candidate's prior service on public and investment company boards and any legal proceedings in which the trustee or candidate was involved. The new rules expand the disclosure information required for prior board service and add several new legal proceedings that trustees and candidates should ensure they have not been subject to as well as increase the relevant time periods for such proceedings.
We offer fixed fees for providing your firm with assistance in drafting the newly required registration statement disclosure and on reviewing or providing you with an up-to-date annual trustee and officer questionnaire that will satisfy the new SEC requirements.
Please contact us at 704-806-2387 for rates.