HUNTSVILLE, Ala., April 30, 2009 (GLOBE NEWSWIRE) -- Mobular Technologies, Inc.(r) ("Mobular") today announced the release of a new software solution that will allow mutual fund companies to completely automate the electronic compliance document web presentation, inter-document and multi-document linking requirements for the SEC's Summary Prospectus rules.
Summary PRO AR(sm) is a software solution that completely automates the compliance document collection, processing, electronic presentation and linking of the Summary Prospectus to Statutory Prospectuses, Statements of Additional Information (SAI) and supplements to meet the layered disclosure requirements for improved investor transparency set forth by the SEC in January 2009. This proprietary application eliminates the need for any manual processes in document collection or bookmark application, and retains the security of the original, fund-branded compliance documents. Supplements and updates to published documents are automatically received, processed, linked and presented on the web in near real-time, meeting the same day requirement of the SEC for compliance document availability.
Mutual funds can take advantage of significant cost savings for printing and mailing compliance documents to shareholders by adopting the new Summary Prospectus rule. Statutory Prospectuses and SAI's, if linked in the correct manner to the Summary Prospectus and presented on the internet, do not have to be mailed to each registered shareholder. The SEC estimates annual savings to the mutual fund industry of approximately $190,245,120, or $21,737 per portfolio per year.
"While the savings for the Fund are extraordinary, the true benefit is to the investor," says Allen Dillard, Chief Executive Officer of Mobular. "A key to investor transparency and shareholder satisfaction is providing each investor the information they need to make informed investment decisions, in a simple, easy-to-use web environment. Summary PRO AR(sm) gives the Fund shareholder a layered disclosure of compliance materials, immediately available and easily navigated. Once the system is configured, all of the Fund's documents are fully automated from creation to web publication, without risk of human error, interpretation or language variances." Dillard continues, "We've been able to extend the capabilities of the technology platform we provide to transfer agents for Notice and Access and apply it to the SEC's Summary Prospectus rule."
To date, more than 3000 corporate issuers have used Mobular's technology through their financial intermediaries to meet the SEC's Notice and Access requirement for electronic compliance materials presentation on the web. Leading international financial services firms, banks and transfer agents have been using Mobular solutions for a variety of electronic document communications needs since 2001.
About Mobular Technologies, Inc. - Mobular is the financial industry's leading provider of shareholder communications technology and services. To learn more about Mobular, visit the website at www.mobular.com
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