PALM DESERT, Calif.-Modernizing fund rules, remembering fundamental basics of serving investors, keeping a watchful eye on globalization of the fund industry and facing risky practices head-on were key points of Andrew Donohue's keynote speech at the Investment Company Institute's "Mutual Funds and Investment Management Conference" here last week.

First, said the director of the Securities and Exchange Commission's division of investment management, regulations and rules need to be assessed and modernized. "We need to consider what rules might need a makeover and which ones still apply to the 21st century," Donohue said.

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