SEC permits mutual funds to use a summary prospectus and updates statutory prospectus requirements.

Purpose - The purpose of this paper is to examine SEC rule amendments that permit a mutual fund to use a three- or four-page "summary prospectus" to satisfy statutory prospectus delivery obligations and amendments to a fund's statutory prospectus requirements that require key information in a standardized order at the front of the document. Design/methodology/approach - The approach is to explain the SEC's regulatory changes to the basic mutual fund disclosure documents designed to help investors choose among the more than 8,000 mutual funds. Findings - The in vesting public's use of the internet for fund research and fund transactions has made it possible for the SEC to take a "layered" approach to disclosure documents, providing an investor with a short-form document and making available more detailed information on fund web sites. The SEC will likely follow suit with other documents and updated compliance requirements. Originality/value - The paper will assist fund legal counsel and compliance professionals: to comply with the new statutory prospectus requirements: and to determine whether the summary prospectus is an appropriate disclosure document for a particular fund. [ABSTRACT FROM AUTHOR]