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Indecent Disclosure: The Need for Normative Transparency of Mutual Fund Disclosure

The Investment Company Act of 1940 states that the interests of shareholders are compromised when mutual funds are operated in the interest of fund advisers. In this regard, one of the Act's major objectives is to ensure that investors receive adequate and accurate information.This study focuses on the achievement of normative transparency of disclosure. Normative transparency refers to the degree of proactive voluntary disclosure and revised legal and regulatory disclosure required for mutual fund shareholders to have all the information they need to make efficient fund investment decisions.Normative transparency requires changes in the current practices of individual funds across the fund industry, as well as changes in current laws and regulation.To attain normative transparency in mutual fund disclosure, Congress and the SEC, as well as fund advisers, managers, and independent directors must voluntarily and collectively become more proactive in serving and protecting shareholders. Basically, the achievement of fund normative transparency rests with independent directors who are proactively motivated and further empowered to vigorously pursue their fiduciary mandate as shareholder watchdogs.