Undercover: Regulator Wants Agents to Check Fund Sales
Skidmore, Dave, St Louis Post-Dispatch (MO)
Undercover government agents posing as mutual fund shoppers would look for abusive sales practices under a plan proposed by the Clinton administration's senior bank regulator.
Comptroller of the Currency Eugene A. Ludwig, whose Treasury Department agency regulates nationally chartered banks, called for a program of using agents known as "testers" to determine whether banks and securities firms were abiding by federal rules.
The proposal would help ensure that all mutual fund customers "receive the information they need to make informed decisions about investing," Ludwig said in a letter sent earlier this week to fellow regulators.
Ludwig cited surveys by …
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Publication information:
Article title: Undercover: Regulator Wants Agents to Check Fund Sales.
Contributors: Skidmore, Dave - Author.
Newspaper title: St Louis Post-Dispatch (MO).
Publication date: April 15, 1994.
Page number: 5E.
© 2008 St. Louis Post-Dispatch.
Provided by ProQuest LLC. All Rights Reserved.
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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