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Rating:Will Funds Lose the Folio Fight? Not Rated 3.0 Email Routing List Email & Route  Print Print
Friday, May 18, 2001

Will Funds Lose the Folio Fight?

Reported by Sean Hanna, Editor in Chief

Don't bet on the Securities and Exchange Commission buying the fund industry's arguments that Foliofn is really a fund in drag. Or at least that is the inference that listeners could not be blamed for taking away from comments made by Paul F. Roye today at the Investment Company Institute's 2001 General Membership Meeting in Washington, D.C.

Roye, director of the Division of Investment Management at the SEC made his comments on fund-like products as a part of a summary of the initiatives that the SEC has undertaken in the mutual fund area in the past year. He also warned attendees that the remarks were his own and do not necessarily reflect those of the SEC.

He explained that just because a product competes with funds registered under the 1940 Securities Act does not mean that the product need be regulated under that act. The key issue, he explained, is whether the product involves the creation of a new security. He implied, but did not confirm, that products such as folios may not meet that test.

"Just because it looks like a duck does not mean it is a duck, it could be a chicken," he told attendees.

Roye also told attendees that the SEC is open to considering proposals on other new structures such as actively managed exchange-traded funds.  

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