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HR 3225 IH
110th CONGRESS
1st Session
H. R. 3225
To require the Securities and Exchange Commission to improve the disclosure of fees and expenses of open-end investment companies registered under the Investment Company Act of 1940.
IN THE HOUSE OF REPRESENTATIVES
July 30, 2007
Mr. CASTLE (for himself and Mr. MOORE of Kansas) introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To require the Securities and Exchange Commission to improve the disclosure of fees and expenses of open-end investment companies registered under the Investment Company Act of 1940.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
SEC. 2. RULEMAKING ON FUND FEES REQUIRED.
(a) Initiation of Proceedings- Within 30 days after the date of enactment of this Act, the Securities and Exchange Commission shall initiate rulemaking proceedings to revise the requirements of regulations applicable to open-end investment companies under the Investment Company Act of 1940 relating to the disclosure of 12b-1 fees to investors in such investment companies.
(b) Completion Deadline- The Commission shall--
(1) complete the rulemaking proceeding required by this section and prescribe changes to the Commission's rules that the Commission determines to be necessary in the public interest and for the protection of investors not later than 180 days after the date of enactment of this Act; and
(2) make such changes effective one year after the date the Commission prescribes the changes.
(c) Definition- For purposes of this section, the term `12b-1 fees' means fees permitted under Rule 12b-1 (17 CFR 270.12b-1) of the Securities and Exchange Commission's rules pursuant to the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.).
U.S. Congress - Text of H.R.3225 as Introduced in House Mutual Fund Fee Reform Act
