The purpose of the project is to "explore, modernization of the design, delivery and content of fund disclosures for the benefit of investors."
The SEC voted earlier this month on proposed efforts to improve the investment experience for those investing in mutual funds, ETFs and other investment funds and published three releases on the matter:
1. New optional "notice and access" method for report delivery - this new option allows funds to deliver reports by making them publicly accessible by publishing on a website and sending notice of such via email. Investors can choose to receive a full paper copy of the report at any time free of charge.
2. Investors are invited to share views on improving fund disclosure - the SEC is seeking input from investors on enhancing fund disclosures with the intent is to determine whether fund information is presented in a way that works best for individual investors.
3. The SEC is seeking feedback on intermediary fees for report delivery - they are exploring the fees charged by broker-dealers and other intermediaries for forwarding reports, processing fees, etc.
You can learn more by reading the full SEC release here.