For mutual fund firms, 2013 could be a particularly challenging year.

They will continue to be mired in responses to Dodd-Frank Wall Street Reform Act requirements, including the potential designation of systemically important financial institutions. There is no immediate end in sight for money market reform proposals, and certain global and tax initiatives threaten to further strain their operations. The Foreign Account Tax Compliance Act also is shaping up to be a considerable compliance burden for funds.

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