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Article: SEC endorses 4 p.m. end to mutual fund trading
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- December 4, 2003
- Author:
CopyrightCopyright 2003 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (Hide copyright information)
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SEC endorses 4 p.m. end to mutual fund trading
By KEN MORITSUGU Knight Ridder News Service
Thursday, December 4, 2003
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 ...