TAILIEUCHUNG - INTERACTIVE DATA FOR MUTUAL FUND RISK/RETURN SUMMARY .

As I noted, the financial crisis has created an increasingly global outlook among policymakers. More and more, national regulators are influenced by policies fashioned abroad, and international bodies are stepping up policy coordination. At the same time, the extraordinary worldwide rise of as- set managers as financial intermediaries has created new opportunities for funds. Responding to these and other trends, the Institute readied a new initiative —ICI Global— launched early in fiscal year 2012. We are excited about ICI Global’s potential to advance the common interests and pro- mote public understanding of global investment funds, their managers, and investors. Our. | SECURITIES AND EXCHANGE COMMISSION 17 CFR Parts 230 232 239 270 and 274 Release Nos. 33-8929 34-57942 39-2457 IC-28298 File Number S7-12-08 RIN 3235-AK13 INTERACTIVE DATA FOR MUTUAL FUND RISK RETURN SUMMARY AGENCY Securities and Exchange Commission. ACTION Proposed rule. SUMMARY We are proposing rules requiring mutual funds to provide risk return summary information in a form that would improve its usefulness to investors. Under the proposed rules risk return summary information could be downloaded directly into spreadsheets analyzed in a variety of ways using commercial off-the-shelf software and used within investment models in other software formats. Mutual funds would provide the risk return summary section of their prospectuses to the Commission and on their Web sites in interactive data format using the eXtensible Business Reporting Language XBRL . The interactive data would be provided as an exhibit to registration statements. The proposed rules are intended not only to make risk return summary information easier for investors to analyze but also to assist in automating regulatory filings and business information processing. Interactive data has the potential to increase the speed accuracy and usability of mutual fund disclosure and eventually reduce costs. We are also proposing to permit investment companies to submit portfolio holdings information in our interactive data voluntary program without being required to submit other financial information. DATES Comments should be submitted on or before August 1 2008. ADDRESSES Comments may be submitted by any of the following methods Electronic comments Use the Commission s Internet comment form http rules Send an e-mail to rule-comments@. Please include File Number S7-12-08 on the subject line or Use the Federal eRulemaking Portal http . Follow the instructions for submitting comments. Paper comments Send paper comments in triplicate to Secretary Securities

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