TITLE

ICI Offers Insight on Redemption Fee Rule

AUTHOR(S)
Amend, James M.
PUB. DATE
March 2006
SOURCE
Money Management Executive;3/20/2006, Vol. 14 Issue 11, p1
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article reports on the implementation of an amendment to the Investment Company Act of 1940 in the United States, adopted in March 2005, to monitor market timing that might be illegal or costly to long-term fund shareholders. The provision would allow funds to impose a two percent redemption fee on shareholders that sell their stakes within seven days of purchase. It also requires that funds draft and enter into legally binding, information-sharing agreements with financial intermediaries.
ACCESSION #
20228652

 

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