Independent fund directors look for more guidance on SOX; Compliance burden undermining strategy, many feel.(News)

Investment News, November, 2006

Byline: Sara Hansard WASHINGTON - Independent mutual fund directors are looking at targeted areas where rules could be made more efficient. Interviews with such directors back up findings of a PricewaterhouseCoopers LLP survey of participants at the New York accounting firm's 2006 Financial Services Audit Committee Forum in that city last month.

The survey found that more than 70% of the participants at the forum, which included mutual fund directors, think that the focus on regulatory compliance "has taken significant time away from more strategic areas,'' said Barry Benjamin, U.S. leader of PricewaterhouseCoopers' investment management group. He works in the company's Baltimore office. Last week, Treasury Secretary Henry Paulson joined...

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