Financial Services Industry
Industry: Email Alert RSS FeedCertifying results? Not a problem: fund firms unlikely to fight SEC proposal.
Investment News, September, 2002 by Gabriel, Frederick P., Jr.
In the wake of all the big corporate blowups, few mutual funds are likely to balk--at least publicly--about being pushed by regulators to certify their financial and shareholder reports. But that doesn't mean the industry is happy about it. "I am not getting a sense that there will be much opposition," says Pamela Wilson, an attorney at Hale & Dorr LLP, a Boston-based law firm that represents many fund companies.
"That would be like burning the flag right now. The last thing that any company is going to do is mess with their brand by being unwilling to stand by their financial statements." A proposal for mutual fund certification is an offshoot of the Sarbanes-Oxley Act of 2002, which requires top executives at public companies to certify...
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