TITLE

Fund Adviser, and Investor Groups Oppose Formation of SROs

AUTHOR(S)
Hume, Lynn
PUB. DATE
April 2003
SOURCE
Bond Buyer;4/23/2003, Vol. 344 Issue 31620, p5
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The U.S. Securities and Exchange Commission (SEC) should abandon the idea of creating one or more self-regulatory organizations (SRO) for mutual funds and investment advisers, groups representing funds, advisers, and institutional investors told the commission in recent letters. The SRO idea was proposed by former SEC chairman Harvey Pitt and was mentioned in the rules the commission proposed earlier this year that would require mutual funds and investment advisers to adopt and implement internal compliance programs, review them annually, and appoint a chief compliance officer. But in comment letters, the Investment Company Institute, the Investment Counsel Association of America, and the Council of Institutional Investors all strongly opposed the creation of any such SRO.
ACCESSION #
9676289

 

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