The latest release of this treatise, current through September 2009, has been updated to discuss how, in early 2009, the SEC adopted major changes to Form N-1A (the registration form for mutual funds) as well as a new rule facilitating the use of a “summary prospectus.” These changes are covered and explained in substantial detail. The release also discusses FINRA Sales Charge Limits (FINRA Rule 2830(d)). While the Act and the rules thereunder do not limit the amount of sales charges that a mutual fund may impose on its shares, FINRA rules have the effect of imposing such limitations. Rule 2830(d), which is sometimes referred to as the “Investment Company Rule,” applies to all types of sales charges, whether front-end, deferred, or asset-based.