US regulators to widen market-timing probe
New York -- US state and federal securities regulators are promising a broader crackdown on abusive trading in the mutual funds industry, which will include investigations of market timing in variable annuities trading in insurance companies, as well as late-trading financing by some banks.
At a Securities Industry Association (SIA) conference on the mutual funds reforms in New York in late February, the Security and Exchange Commission (SEC), the Office of the New York State Attorney General and the National Association of Securities Dealers (NASD) all stressed they would increase surveillance of the industry to halt abuses that have left many investors defrauded.
Cynthia Fornelli
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