Financial Services Industry
Industry: Email Alert RSS FeedSEC checks mutual fund compliance; Phone sweep examines progress on implementing new rules.(News)
Investment News, November, 2004
Byline: Frederick P. Gabriel Jr. BOSTON - The Securities and Exchange Commission is conducting a "sweep'' of the nation's top mutual fund companies to determine if they are meeting the demands of the newly beefed-up compliance regulations. The commission late last month began contacting the chief compliance officers at many major fund companies by telephone to get answers to a list of questions related to rule changes that went into effect Oct.
5, according to industry sources. The changes are aimed at preventing the companies from committing wrongdoings such as improper trading. "They are starting to step up a campaign of examinations targeted towards determining who is complying and who is not,'' said a fund industry lawyer who spoke on...
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