Conference Call: Sarbanes questions need for a fund SRO.(News)

Investment News, April, 2004

Byline: Sara Hansard There is no pressing need to look at setting up a self-regulatory organization for mutual funds, Sen. Paul Sarbanes, D-Md., said last week. Speaking at the annual public-policy conference sponsored by the North American Securities Administrators Association Inc.

in Washington, the Senate Banking Committee's ranking minority member was asked whether the idea of having an SRO for the fund industry should be revived. "I think I'd rather wait until the [Securities and Exchange Commission] works out all its rules and puts in the regulatory framework that will come out of that,'' said Mr. Sarbanes, the keynote speaker at the conference luncheon. The idea of having an SRO for the mutual fund industry has been proposed...

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