The Securities and Exchange Commission (SEC) is inviting comments on the information collection requirements related to Rule 498, as outlined by the Paperwork Reduction Act. Rule 498 allows investment funds to use a Summary Prospectus for delivering key information about fund investments, while the full statutory prospectus is available online. The SEC estimates that about 10,536 funds are using this Summary Prospectus, with a total annual burden of approximately 15,804 hours and cost burden of around $190 million. Comments can help improve these processes and must be submitted within 60 days.
Simple Explanation
The Securities and Exchange Commission wants to hear what people think about a rule that lets investment funds share short summaries of their information to save time and paper. They're trying to figure out how much work and money this saves, but some people think they should explain their numbers better and find easier ways for others to help them save even more.