WASHINGTON -- The Securities and Exchange Commission staff may propose rules later this year that are designed to improve mutual funds' disclosure of information about their derivatives activities, according to SEC commissioner Richard Y. Roberts.

"I know both the staff of the commission and the [Investment Company Institute] are working to improve the disclosure practices of mutual funds with respect to their investment objectives and their derivatives activities, including the risks..." Roberts said in a speech at a municipal derivatives conference in New York City.

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