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Reform proposals could help restore faith in fund industry.
Byline: Jeff Brown
The scandal rocking the mutual fund industry ballooned last week to a point that makes regulatory reform inevitable.
The good news is that the chief remedies now on the table could well succeed at ending two practices that undermine profits for long-term investors _ market timing and late trading.
Hopefully, the Securities and Exchange Commission will quickly adopt the reform proposals _ suggested on Thursday by the Investment Company Institute, the fund industry trade group.
The fund industry has long been self-satisfied and self-congratulatory, bragging about its service to the 95 million Americans who count on funds to finance retirement and college. The industry and its regulators need to move fast to restore investors' faith.
With late trading and market timing, investors with special status _ institutional investors and, in some cases, fund-company ...
- Independent Trustees of the Putnam Funds Issue Report on Late Trading and...
- Press release article from: Business Wire March 23, 2004 700+ words
...recommendations to date regarding late trading and market timing affecting...to permit or facilitate late trading involving The Putnam Funds...allegations concerning late trading and market timing in the mutual fund industry, including Canary Capital...
- Late Trading May Be More Widespread than Thought, Stanford Study Says.
- Newspaper article from: Knight Ridder/Tribune Business News September 12, 2003 700+ words
...significant part of the fund industry is either party to [late trading] or subject to...patterns of where the late trading was, an insider...make sense." Late trading in fund shares...investigation of the mutual fund industry. The other practice...
- Early Returns Are In On Late Trading Plans.
- Magazine article from: Securities Industry News May 3, 2004 700+ words
...Eastern Standard Time), mutual fund industry factions are lining up behind alternatives. The late trading solutions, however, may do little...certification of the procedures to avoid late trading by all firms dealing with mutual funds...
- Fitch Evaluating Ratings Impact of Regulatory Investigations on Mutual Fund...
- Press release article from: Business Wire November 7, 2003 700+ words
...WIRE)--Nov. 7, 2003 Due to recent regulatory investigations into market timing, late trading and allegations of self-dealing in the mutual fund industry, Fitch is evaluating potential ratings changes on various funds advisors. This assessment...
- New Year Brings More Support for Mutual Fund Industry Reform.
- Newspaper article from: Knight Ridder/Tribune Business News January 12, 2004 700+ words
...12--Rocked by late-trading and market-timing...the embattled mutual fund industry faces a regulatory...timing and illegal late-trading practices at hedge...Institute, a mutual fund industry trade group that has...
- Demand full fee disclosuree.(ON RETIREMENT)(mutual fund industry information...
- Magazine article from: Public Management McCallen, Joan July 1, 2005 700+ words
During the past year and a half, the mutual fund industry has come under intense scrutiny. Allegations of late trading and market timing have emerged to rock several fund companies. Among the most widely sought reforms are fuller disclosure and...
- Fund Industry Could be Facing First Real Scandal.
- Newspaper article from: Money Management Executive Barney, Lee September 15, 2003 700+ words
...greed. Even in the fund industry. If New York State...Spitzer's charges that late trading and undisclosed market...bringing to bear the fund industry's first true scandal...on market timing and late trading. While the first practice...
- Late-trading case to cost Banc One Securities $400,000.
- Newspaper article from: Chicago Tribune (Chicago, IL) January 13, 2005 700+ words
...safeguards to prevent late trading, and Charles Schwab...counsel James Day. Late trading, which is illegal...that rocked the mutual fund industry, firms have been socked...penalties for allowing late trading and rapid in-and...
