At a meeting on Wednesday, the US Securities and Exchange Commission (SEC) proposed the adoption of a code of ethics for investment firms which advise mutual funds.
Following on from the many recent scandals within the mutual fund sector, SEC commissioners voted 5-0 to propose requirements that board chairmen of fund companies be independent from the companies which manage the funds, and that 75% of the directors on fund company boards also be independent.
In addition to these proposals, the US regulator also put forward plans for ethics codes for investment advisers, which amongst other requirements, would oblige those employed by investment advisory firms to report their personal trading activity.
The SEC also moved on "soft commission" arrangements, in which brokers steer investors towards certain funds in exchange for kick-backs.
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