Speaking at a recent Senate Banking Committee hearing, head of the Securities and Exchange Commission's Compliance, Inspections and Examinations Office, Lori Richards revealed that the SEC is now conducting 'minisweeps' of the mutual fund industry in order to prevent abuses.
According to the Wall Street Journal, she went on to explain that the securities regulator is currently looking at "shelf space" payments by mutual funds to brokerages, soft dollar payments (whereby funds pay higher commissions to brokerages in exchange for stock research) by index funds, fair value pricing, and the pricing of bond funds.
Ms Richards revealed that in addition to the creation of a new task force to study mutual fund oversight, and the aforementioned regulatory 'minisweeps' of the industry, the Commission is focusing its attention on high risk firms, looking into the e-mails of fund executives, and studying the use of technology to spot potential problems.
She additionally told the Senate committee hearing that analysis of daily sales and redemptions at funds, which can help to uncover market timing activity, is now part of every routine mutual fund examination.
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