The NASD is moving point-of-sale disclosure into the modern age. The self-regulating body's Mutual Fund Task Force has come out with a series of recommendations for mutual fund point-of-sale disclosure built around the internet.

The Task Force is recommending a "Profile Plus" disclosure document that provides investors with mutual fund fees, expenses, performance, risks, investment objectives and potential conflicts of interest. Broker-dealers that sell funds would be required to post the document on its website, with links to the fund's prospectus as well as its own potential conflicts of interest.

Fund companies would also have to be able to deliver the document in paper form.

"Giving investors a concise disclosure document with access to more detailed information through hyperlinks, a web-based Profile Plus would allow them to review as much or as little detail about a fund as they wish. And it would make comparing all funds offered by a particular broker-dealer much easier," stated NASD Chairman and CEO Robert R. Glauber.  

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