MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, July 11, 2007 SEC Approves Anti-Fund Fraud Rule 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. Printed from: MFWire.com/story.asp?s=15027 Copyright 2007, InvestmentWires, Inc. All Rights Reserved |