Controversial SEC Proposal Seeks Independent Mutual Fund Chairmen

Hume, Lynn
May 2004
Bond Buyer;5/21/2004, Vol. 348 Issue 31889, p5
Trade Publication
Highlights the remarks of Paul Roye, the director of the U.S. Securities and Exchange Commission's (SEC) investment management division, regarding the need for mutual fund companies to embrace reforms, including the SEC's proposal to require all fund chairmen to be independent of management and advisory firms. Debate on whether the management company or the fund's investors own the fund; Illustration of the problems that can result from a fund's having a management-affiliated chairman who serve the adviser as well as the shareholders.


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