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Article: SEC endorses 4 p.m. end to mutual fund trades.(Knight Ridder Newspapers)
- Article from:
- Knight Ridder/Tribune News Service
- Article date:
- December 3, 2003
- Author:
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune News Service. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Ken Moritsugu
WASHINGTON _ Acknowledging that existing regulations have fallen short, the Securities and Exchange Commission took its first steps Wednesday toward adopting tougher rules to combat trading abuses in the mutual fund industry.
The five-member commission unanimously endorsed a proposal to cut off mutual fund trading at 4 p.m. Eastern time each day to try to end an illegal practice known as late trading. The SEC also backed a proposal that seeks better disclosure of a mutual fund's policy on market timing. This legal but controversial trading practice can harm long-term investors, such as people building retirement accounts.
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