Federal officials want to hear more from the public about what broker-dealers ought to tell purchasers of financial services products.[@@]
The U.S. Securities and Exchange Commission is reopening the public comment period for a draft of "point of sale disclosure" and confirmation notice rules that was published in January 2004.
The proposed rules would spell out cost and conflict-of-interest disclosure requirements for the sale of variable annuities and variable life policies as well as investments in mutual funds and 529 college savings plans.
Investors, producers, trade groups and others flooded the SEC with comments during the first comment period.
"We received over 1,000 separate comments on the proposed rules and rule amendments, as well as over 4,000 comments from individuals and entities using a variety of standard letter types," according to a notice by Margaret McFarland, an SEC deputy secretary, that appeared Friday in the Federal Register.
McFarland asks members of the public to discuss dozens of questions that affect disclosures for all types of affected securities.
