SEC Staff Takes Aim at Bank Investment Funds
Garsson, Robert M., American Banker
TUCSON, Ariz. -- A long-awaited Securities and Exchange Commission report is likely to recommend that Congress scale back the exemption that shields bank collective investment funds from the registration and disclosure requirements that apply to mutual funds.
SEC Commissioner Richard Y. Roberts, in Tucson for a mutual fund conference, said it was important that Congress eliminate the exemption for bank funds that hold assets for pension plans in which employees make the investment decisions.
"I have been advised by our staff that they will make that recommendation," he said in an interview.
While the SEC need not accept the staff recommendations, they are …
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Publication information:
Article title: SEC Staff Takes Aim at Bank Investment Funds.
Contributors: Garsson, Robert M. - Author.
Magazine title: American Banker.
Volume: 157.
Issue: 58
Publication date: March 25, 1992.
Page number: 13.
© 2009 SourceMedia, Inc.
COPYRIGHT 1992 Gale Group.
This material is protected by copyright and, with the exception of fair use, may not be further copied, distributed or transmitted in any form or by any means.
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