March 2, 2001

SEC Commisioner Paul Carey spoke at the SEC Speaks Conference where he addressed mutual fund advertising. He reviewed two recent SEC enforcement actions involving mutual fund advertising, noting that boilerplate disclosure do not cure misleading ads. Commissioner Carey stated that the SEC staff is working on a legal bulletin that will discuss what constitutes a misleading mutual fund ad. In addition, the SEC is considering an amendment to Rule 482 under the Securities Act of 1933, which governs certain mutual fund performance ads.