New SEC rules close more US mutual fund industry loopholes.

(From Funds International)

The US Securities and Exchange Commission (SEC) further tightened its grip on countering malpractice in the US mutual fund industry in September, with a batch of new regulations governing directed brokerage and disclosure of information to investors.

The Investment Company Institute (ICI), the national association of the US investment company industry, came out in full support of new measures that it had urged the SEC to introduce last year. One measure in particular, the banning of directed brokerage, was hailed as by ICI as a "milestone that will benefit fund investors and strengthen the operating integrity of mutual funds." In …