Stricter rules needed to curb late trading in funds, says Surety
Washington, DC -- The Securities and Exchange Commission (SEC) must set much more stringent criteria to ensure the integrity of electronic records if late trading in mutual funds is to be redressed, according to Tom Klaff, chief executive officer of Surety, a Virginia-based validation technology company.
In its concept release, Amendments to rules governing pricing of mutual fund shares, published in mid-March, the SEC has proposed to eliminate late trading through fund intermediaries by requiring that all purchase and redemption orders be received by the fund or a registered clearing agency, no later than the time at which the fund prices its securities, in order to obtain the current day’s price
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