Investment Management Regulatory Update
A Summary of Current Investment Management Regulatory Developments

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On November 21, 2007, the SEC proposed rules that, if adopted, would (i) require a mutual fund to provide prospective investors with a brief summary of key information written in plain English in a standardized order at the front of its statutory prospectus and (ii) allow a mutual fund to satisfy its prospectus delivery requirements pursuant to Section 5(b)(2) of the Securities Act of 1933 by sending prospective investors key information in the form of a summary prospectus and making the statutory prospectus available on the Internet.