The Mutual Funds Integrity and Fee Transparency Act of 2003 (HR 2420) effectively expands provisions of the Sarbanes-Oxley Act that are currently applied to listed organisations, to mutual funds. If the bill becomes law, it would required mutual funds to disclose to investors estimated operating expenses for each shareholder, portfolio transaction costs, as well as soft-dollar, direct-brokerage and revenue-sharing arrangements.
Fund directors would also be obliged to supervise soft-dollar, d
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