1.What is the tiered approach to disclosure? What are the most detailed and the most high-level documents disseminated by mutual funds? 2. What is the name test rule? Does the rule apply to any of the following funds: Small Cap Fund, Value Fund, Europe Fund, or International Fund? 3.When mutual funds run advertisements for performance, how are they reviewed? What periods must they cover? Solution Answer: 1.The Proposed definition of point of sale would have determined the timing of disclosure though a two - tiered approch.In general, the proposed rule would have required disclouser immediately prior to acceptance of the order..