Alert April 10, 2012

SEC Reopens Comment Period on Proposed Target Date Fund Disclosure Requirements

The SEC issued a release reopening the comment period on proposed amendments (the “Proposed Amendments”) to Rule 482 under the Securities Act of 1933, as amended, and Rule 34b-1 under the Investment Company Act of 1940, as amended, that are designed primarily to provide potential investors with additional information about target date funds (“TDFs”).  (The Proposed Amendments were described in the June 29, 2010 Financial Services Alert.)  The reopening of the comment period on the Proposed Amendments follows the release by the SEC of a third-party study that it sponsored regarding investors’ understanding of TDFs and related advertisements (the “Study”).  The results of the Study were described in the March 13, 2012 Financial Services Alert.

The reopened comment period extends through May 21, 2012.