NASD Notice to Members 98-107 - December 1998

NASD Reminds Members of Their Obligations to Disclose Mutual Fund Fees

Executive Summary

This Notice reminds National Association of Securities Dealers, Inc. (NASD®) members of their obligation to ensure that discussions concerning fees and expenses in mutual fund advertisements and sales literature as defined in NASD Rule 2210(a) are fair, balanced, and not misleading. This Notice also provides guidance concerning fee and expense disclosure in certain types of mutual fund sales material, and announces an NASD initiative to review this issue further.