At least two fund groups have now experienced, firsthand, the impact of new requirements mandated with the enactment last year of the Sarbanes-Oxley Act. That legislative enactment aimed, among other things, to stem corporate fraud and make top executives accountable for the accuracy of financial reporting.

But many of the 15-month-old law's provisions are also applicable to registered investment companies' publicly offered mutual funds, and some fund advisors are discovering just how important their responsibilities have become.

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