Federal Register / Vol. 77, No. 67 / Friday, April 6, 2012 / Proposed Rules 20749 

1 Investment Company Advertising: Target Date 

Retirement Fund Names and Marketing, Securities 

Act Release No. 9126 (June 16, 2010) [75 FR 35920 

(June 23, 2010)]. 

2See Comment File No. S7–12–10, available at 

http://www.sec.gov/comments/s7-12-10/ 

s71210.shtml. 

Issued in Seattle, Washington, on March 

29, 2012. 

John Warner, 

Manager, Operations Support Group, Western 

Service Center. 

[FR Doc. 2012–8245 Filed 4–5–12; 8:45 am] 

BILLING CODE 4910–13–P 

SECURITIES AND EXCHANGE 

COMMISSION 

17 CFR Parts 230 and 270 

[Release Nos. 33–9309; 34–66720; IC– 

30026; File No. S7–12–10] 

RIN 3235–AK50 

Investment Company Advertising: 

Target Date Retirement Fund Names 

and Marketing 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Proposed rule; reopening of 

comment period. 

SUMMARY: The Securities and Exchange 

Commission is reopening the period for 

public comment on amendments it 

originally proposed in Securities Act 

Release No. 9126 to allow interested 

persons to submit comments on the 

results of investor testing regarding 

target date retirement funds. The rule 

proposal would, if adopted, require a 

target date retirement fund that includes 

the target date in its name to disclose 

the fund’s asset allocation at the target 

date immediately adjacent to the first 

use of the fund’s name in marketing 

materials; require marketing materials 

for target date retirement funds to 

include a table, chart, or graph depicting 

the fund’s asset allocation over time, 

together with a statement that would 

highlight the fund’s final asset 

allocation; require a statement in 

marketing materials to the effect that a 

target date retirement fund should not 

be selected based solely on age or 

retirement date, is not a guaranteed 

investment, and the stated asset 

allocations may be subject to change; 

and provide additional guidance 

regarding statements in marketing 

materials for target date retirement 

funds and other investment companies 

that could be misleading. 

DATES: The comment period for the 

proposed rule published June 23, 2010, 

at 75 FR 35920, is reopened. Comments 

should be received on or before May 21, 

2012. 

ADDRESSES: Comments may be 

submitted by any of the following 

methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/proposed.shtml); 

• Send an email to rulecomments@sec.gov. Please include File 

No. S7–12–10 on the subject line; or 

• Use the Federal eRulemaking Portal 

(http://www.regulations.gov). Follow the 

instructions for submitting comments. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number S7–12–10. This file number 

should be included on the subject line 

if email is used. To help us process and 

review your comments more efficiently, 

please use only one method. The 

Commission will post all comments on 

the Commission’s Internet Web site 

(http://www.sec.gov/rules/ 

proposed.shtml). Comments are also 

available for Web site viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE., 

Washington, DC 20549, on official 

business days between the hours of 

10 a.m. and 3 p.m. All comments 

received will be posted without change; 

we do not edit personal identifying 

information from submissions. You 

should submit only information that 

you wish to make available publicly. 

FOR FURTHER INFORMATION CONTACT: J. 

Matthew DeLesDernier, AttorneyAdviser, at (202) 551–6792, Office of 

Regulatory Policy, Division of 

Investment Management, Securities and 

Exchange Commission, 100 F Street NE., 

Washington, DC 20549–8549. 

SUPPLEMENTARY INFORMATION: The 

Securities and Exchange Commission 

(‘‘Commission’’) is reopening the period 

for public comment on proposed rule 

amendments that are intended to 

provide enhanced information to 

investors concerning target date 

retirement funds and reduce the 

potential for investors to be confused or 

misled regarding these and other 

investment companies. These 

amendments were proposed on June 16, 

2010,1 and the comment period initially 

closed on August 23, 2010. The 

Commission’s proposal would, if 

adopted, amend rule 482 under the 

Securities Act of 1933 and rule 34b–1 

under the Investment Company Act of 

1940 to require a target date retirement 

fund that includes the target date in its 

name to disclose the fund’s asset 

allocation at the target date immediately 

adjacent to the first use of the fund’s 

name in marketing materials. The 

proposal also would amend rule 482 

and rule 34b–1 to require marketing 

materials for target date retirement 

funds to include a table, chart, or graph 

depicting the fund’s asset allocation 

over time, together with a statement that 

would highlight the fund’s final asset 

allocation. In addition, the proposal 

would amend rule 482 and rule 34b–1 

to require a statement in marketing 

materials to the effect that a target date 

retirement fund should not be selected 

based solely on age or retirement date, 

is not a guaranteed investment, and the 

stated asset allocations may be subject 

to change. Finally, the proposal would 

amend rule 156 under the Securities Act 

to provide additional guidance 

regarding statements in marketing 

materials for target date retirement 

funds and other investment companies 

that could be misleading. 

The Commission recently engaged a 

consultant to conduct empirical 

research on individual investors’ 

understanding of target date retirement 

funds and marketing materials related to 

those funds. Investors participating in 

an online survey were asked questions 

about, among other things, documents 

containing information about a 

hypothetical target date retirement fund, 

including information that would be 

required by the proposed amendments, 

if adopted. We have placed in the 

comment file for the proposed rule 

amendments the consultant’s report 

concerning the online survey.2 In order 

to provide all persons who are 

interested in this matter an opportunity 

to comment on this additional material, 

we believe that it is appropriate to 

reopen the comment period before we 

take action on the proposal. 

We invite additional comment on the 

proposal in light of this material, and on 

any other matters that may have an 

effect on the proposal. 

Accordingly, we will extend the 

comment period until May 21, 2012. 

Dated: April 3, 2012. 

By the Commission. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2012–8348 Filed 4–5–12; 8:45 am] 

BILLING CODE 8011–01–P 


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