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Rating:SEC Approves Anti-Fund Fraud Rule Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, July 11, 2007

SEC Approves Anti-Fund Fraud Rule

by: Neil Anderson, Managing Editor

The SEC voted unanimously on Wednesday in favor of the new regulation, which will affect mutual funds and hedge funds. Once it takes effect, the new anti-fraud rule "would make it a fraudulent, deceptive, or manipulative act, practice, or course of business for an investment adviser to a pooled investment vehicle to make false or misleading statements to, or otherwise to defraud, investors or prospective investors in that pool." A published report quotes an ICI spokesman who called the new provision's application to mutual funds "redundant." Once the new rule is published in the Federal Register, it will go into effect 30 days later. 

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