William Donaldson told members of the Senate Banking Committee today that the SEC is looking into how funds companies charge investors and disclose information to shareholders. Donaldson, chairman of the SEC, included statements about funds in his written testimony to the committee.

He also confirmed that the SEC will likely issue proposed regulations for hedge funds in the near future.

However, the main thrust of his remarks involved Sarbanes-Oxley and the SEC's plans to provide shareholders in companies more access to proxies to nominate directors. He also told the Senators that he welcomed the Sarbanes-Oxley reforms as a "new enforcement tools to combat corporate fraud, punish corporate wrongdoers and deter fraud with the threat of stiffer penalties."  

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