التفاصيل البيبلوغرافية
| العنوان: |
Mutual Funds, NSMIA, and the State Securities Regulators: When Do State Enforcement Remedies Become Improper Regulation? |
| المؤلفون: |
Callcott, W. Hardy |
| المصدر: |
Journal of Investment Compliance (Euromoney); Spring2005, Vol. 5 Issue 4, p46-54, 9p |
| مصطلحات موضوعية: |
ACTION & defense cases, MUTUAL funds, SECURITIES industry laws, FINANCIAL markets |
| مصطلحات جغرافية: |
UNITED States |
| الشركة/الكيان: |
UNITED States. Securities & Exchange Commission |
| مستخلص: |
This article focuses on three areas in which state securities regulators have diverged from the SEC's approach to enforcement in recent mutual fund cases. First, the New-York Attorney General's office has insisted that advisory fee reductions be part of the settlement in some market timing cases. Second, the Massachusetts Securities Division (MSD) has insisted that in any settlement, the respondent admit the facts that constitute the alleged legal violation. Third, the California Attorney General has pursued a very aggressive theory concerning alleged inadequacies in disclosure of revenue-sharing payments from mutual fund companies to the brokerage firms which distribute mutual funds. These cases raise a broader set of issues, in light of the National Securities Markets Improvement Act of 1996, as to whether the states are crossing the lines drawn by Congress in 1996, and what action the SEC should take in response. [ABSTRACT FROM AUTHOR] |
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