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NewRiver Releases Summary Prospectus Index for Tracking on SEC’s Edgar

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NewRiver has released a new tool that tracks all summary prospectus filings on the Securities and Exchange Commission’s (SEC) Edgar database. Dubbed NewRiver Summary Prospectus Index, the new offering tracks fund families, fund names and the number of filings for both standalone summary prospectuses filed via Form 497K and filings of statutory prospectuses that include a summary section.

According to the vendor, the tool has been developed in response to meeting the requirements of the SEC’s rule, which became effective on 31 March 2009 and requires firms to deliver the summary prospectus in either print or electronic format and to make the longer “statutory” prospectus available to investors within a mouse click via layered disclosure.

To date, 13 fund companies, including American Funds, Nuveen Funds and Van Kampen Funds, have filed summary sections within 58 statutory prospectuses. In addition, three fund companies – Embarcadero Funds, Diamond Hill Funds and Guinness Atkinson Funds – have filed 18 standalone summary prospectuses.

The vendor hopes that the index will be of interest to mutual fund firms and intermediaries and expects to see an acceleration of summary prospectus filings, as more and more fund firms realise the cost savings it entails, explains Len Driscoll, chief client officer at NewRiver. “Firms are eager to have smaller documents that are printed on demand, rather than stored as inventory. We have been tracking filings since the rule went live in March, and expect these numbers to grow rapidly,” he adds.

This release follows closely on the heels of two other recent summary prospectus related announcements from the vendor: the launch of Prospectus Express 3.0 and the partnership with Broadridge Financial Solutions. Under the latter, Broadridge now exclusively offers NewRiver’s Prospectus Express and Virtual Document Warehouse products for pre-sales and first-dollar deliveries in the brokerage market.

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