Last week, chairman of the US Securities and Exchange Commission (SEC), William Donaldson announced that the regulator would be turning its attention to mutual funds following its recent hedge fund probe, and revelations of irregular investment activity between the two sectors.
Speaking on Thursday, Mr Donaldson revealed that the SEC plans to unveil new rules for mutual funds in November, which will then be subject to a consultation period.
"Recent allegations regarding the sale of mutual fund shares point to abuses in connection with late trading and market timing of fund shares," he announced, continuing:
"Our staff is aggressively investigating these allegations and is committed to holding those responsible for violating the federal securities laws accountable and seeking restitution for mutual fund investors that have been harmed by these abuses."
"It is clear from the information developed thus far that there are additional regulatory actions that the Commission should consider in seeking to eliminate or significantly curb late trading and market timing abuses in the future."
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