|
|
Article: SEC Seeks Written Compliance Policies for Mutual Funds
- Article from:
- The Washington Post
- Article date:
- February 5, 2003
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
|
The Securities and Exchange Commission proposed new rules
yesterday that would require mutual funds to have written policies to
ensure that the funds comply with federal securities laws.
The SEC also voted to seek public comment on whether the mutual
fund industry could police itself through the creation of a new self-
regulatory organization. The securities industry uses two self-
regulatory organizations -- the New York Stock Exchange and NASD --
to oversee its firms.
The agency also voted to solicit public comments on whether to
require investment advisers to carry insurance to protect customers
in case of theft or fraud. Mutual funds already are required to carry
such insurance.
The ...