Securities & Exchange Commission adopts new rules to counter market timing.(Regulation)

National Underwriter Life & Health-Financial Services Edition, April, 2004 by Connolly, Jim

FINAL ADOPTION BY THE Securities and Exchange Commission on April 13 of regulatory requirements to counter market timing generally was greeted positively. There were, however, lingering concerns over points in the new rules, such as specific detailing of policies to counteract abuses.

In a 5-0 vote, the Commission adopted amendments to investment company registration forms that address disclosure regarding market timing, fair value pricing and selective disclosure of portfolio holdings. The requirements will become effective for registration statements filed on or after Dec. 5, 2004.

The American Council of Life Insurers and the Investment Company Institute, a mutual fund trade group, both in Washington, offered general support for the action....

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