TITLE

SEC Cites Scandals in Adopting Fund Rules

AUTHOR(S)
Hume, Lynn
PUB. DATE
January 2005
SOURCE
Bond Buyer;1/14/2005, Vol. 351 Issue 32050, p4
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that U.S. Securities and Exchange Commission (SEC) adopted rule changes requiring mutual fund board chairmen and 75 percent of the directors to be independent due to a series of scandals in the fund industry involving conflicts of interest on the part of fund managers caused investors to lose about 1.25 billion dollar, the SEC told an appeals court this week. In its brief, the SEC told the court that its adoption of the rule changes was reasonable and necessary in light of a series of mutual funds scandals that showed that independent director oversight of the funds needed to be strengthened.
ACCESSION #
15684241

 

Related Articles

  • Trying to Head Off an Overreaction. Ackermann, Matt // American Banker;6/3/2004, Vol. 169 Issue 106, p11 

    An executive at Fidelity Investments Institutional Services Co. Inc. says he fears a governmental overreaction to the mutual fund scandals that could cause crippling "over-regulation." "Our concern is that there not be any sort of overreaction here," said Robert Reynolds, the vice chairman and...

  • FINAL RULES. Madhur, Smita // Money Management Executive;5/9/2005, Vol. 13 Issue 18, p32 

    The article focuses on the rules passed by the U.S. Securities and Exchange Commission (SEC) to deal with trading scandals in the mutual fund industry. The SEC has passed a rule, which requires fund companies to create a new position, chief compliance officer (CCO), who reports directly to the...

  • SEC Scrutinizes Redemption Language. Amend, James M. // Money Management Executive;3/13/2006, Vol. 14 Issue 10, p1 

    The article reports that U.S. Securities and Exchange Commission (SEC) will be reviewing a part of its new redemption fee rule that affects fund companies. Rule 22c2, which is an amendment to the Investment Company Act of 1940, has the goal of detecting instances of market timing that might be...

  • Court: SEC Must Fix Mutual Fund Rule Deficiencies. Hume, Lynn // Bond Buyer;6/22/2005, Vol. 352 Issue 32159, p4 

    This article reports that a three-judge appeals court panel ruled that the U.S. Securities and Exchange Commission (SEC) did not exceed its statutory authority in adopting a rule requiring a mutual fund to have an independent chairman and at least 75% independent directors, but said the SEC...

  • Beyond 22c-2: The Oversight Obligation. Boehm, Jonathan // Money Management Executive;5/15/2006, Vol. 14 Issue 19, p18 

    The article focuses on the applicability of the Rule 22c-2, which ensure that trades within omnibus accounts held to all fund prospectus policies and procedures, developed by the U.S. Securities and Exchange Commission for the mutual fund industry. The rule advances the short-term trading and...

  • SEC Approves Summary Prospectus. Morgan, John // Money Management Executive;11/24/2008, Vol. 16 Issue 45, p1 

    The article reports on the approval on the requirement for mutual funds by the Securities and Exchange Commission in the U.S. The said prospectus will give investors a basic understanding of the fund and will permit them to compare one fund to another. A recent study by Forrester Research...

  • Directed Brokerage: Is the End at Hand? Curtis, Carol // Securities Industry News;4/12/2004, Vol. 16 Issue 14, p1 

    Discusses the possible banning of directed brokerage due to mutual fund scandals. Organizations which support ending direct brokerage; Brokerage firms that have been sanctioned and fined under different cases; Information on the amendment issued by the U.S. Securities and Exchange Commission...

  • The Wrong Wrongs. Garland, Eric // Financial Planning;Feb2004, Vol. 34 Issue 2, p18 

    Discusses the revenue-sharing scandal involving fund companies and broker-dealers in the U.S. Actions taken by the Securities and Exchange Commission with regard to the scandal; Forms of payments given by wholesalers to product distributors; Problem with mutual fund regulatory boards.

  • SECURITIES AND EXCHANGE COMMISSION: Steps Being Taken to Make Examination Program More Risk-Based and Transparent.  // GAO Reports;9/12/2007, preceding pi 

    The article examines revisions made by the Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commissions regarding its approach for examining investment companies and advisers. In 2003, OCIE found several unlawful trading practices in the mutual fund...

Share

Read the Article

Courtesy of VIRGINIA BEACH PUBLIC LIBRARY AND SYSTEM

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics