US Congress pushes for mutual improved fund transparency

Washington, DC – Legislation proposed by the US House of Representatives’ Capital Markets Subcommittee would effectively expand portions of the Sarbanes-Oxley Act to mutual funds.

The bill, the Mutual Funds Integrity and Fee Transparency Act of 2003 (HR 2420), would authorise the Securities and Exchange Commission (SEC) to require funds to document and disclose to investors, separately from their prospectuses, estimated operating expenses incurred by each shareholder, portfolio transaction costs

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