SIA Submits Comments to the SEC on a GAO Report Concerning Dollar Specific Disclosure of Mutual Fund Fees

The Securities Industry Association (SIA)* provides comments to the Securities and Exchange Commission (SEC) in response to a Government Accounting Office (GAO) report concerning dollar-specific disclosure of mutual fund fees, GAO Report-GGD-00-126. In the report, the GAO recommends mandating disclosure in periodic account statements provided to mutual fund investors of the dollar amount of a fund’s operating expenses attributable to shares owned by those investors. While SIA believes that meaningful disclosure of mutual fund fees is critical to making informed investment decisions, SIA shares concerns about both the premise and the substance of the GAO recommendations.
*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.