Robert Glauber, chairman and CEO of the NASD, has called mutual funds to improve the ways it disseminates information to investors. Speaking at the annual meeting of the Investment Company Institute, Glauber said the currently disclosed information “leaves a lot to be desired.” He has proposed a two-page disclosure document – an expansion of one proposed by the Securities and Exchange Commission – that covers investments, strategies, costs, objectives, conflicts, performance and risks.

Meanwhile, Glauber told the meeting that “the tide of ever-increasing regulation and enforcement seems to have crested and begun to ebb.” He noted that the number of investor complaints peaked in 2003, and while 2005 was a record year for new enforcement cases and fines imposed, that is, “a lagging indicator,” as many of the cases closed last year had been open long before that. That, he says, will result in an effort to “minimize the costs and burdens that our regulatory actions place on the backs of the people and firms we regulate.”