Practice

The wait for details on the SEC's new fund independence rules is over, for last Tuesday, the Commission released its final regulations.

The days of cloak-and-dagger proxy ballots are over.

Citigroup has reportedly received a Wells notice from the Securities and Exchange Commission related to dealings at its mutual fund arm, Smith Barney. Back in November, Citigroup admitted to regulators that an agreement to erect an internal transfer-agent wing was not disclosed to the company's own mutual funds. To correct the problem, it said it would pay $17 million back to the funds.

It's crunch time for mutual funds. With the Oct. 5 deadline for mutual funds to designate a chief compliance officer just two months away, fund executives are scrambling to get their policies and procedures in place. The question is are they ready?

The noise surrounding hedge fund registration grew to a thunderous clap last week, as Congress heard testimony from several industry professionals and government officials on the merits of such a groundbreaking move.

Just when the mutual fund scandal seemed to be offering little in the way of new twists and turns, the plot thickens.

Many Congressmen are finding out that when it comes to fund reform, "you can't always get what you want," as Mick Jagger sings.

Things went from bad to worse for Invesco Funds, as federal securities regulators announced plans to increase the number of individuals facing civil fraud charges.

In a little over 11 weeks, firms are going to have to hire a chief compliance officer, a requirement that could prove to be a tall task for fund shops, particularly smaller ones.

The Securities and Exchange Commission reportedly may soon charge Fremont Investment Advisors and an ex-employee for late trading and market timing, the company said.