The Investment Company Institute has commended the SEC and the NASD for their recent warnings against brokers. The NASD recently issued a letter to members warning them to pass along breakpoint discounts to large mutual fund customers (see www.mfmarketnews.com 01/07/03).

The comments came in a letter from ICI President Matthew Fink to the U.S. House of Representatives chairman of the financial services committee and to the chairman of the House subcommittee on capital markets, as well as to SEC Chairman Harvey Pitt and NASD Chairman Robert Glauber.

"The industry strongly supports tough regulation of sales practices involving mutual funds and will cooperate fully in the investigation on behalf of its 95 million shareholders," Fink wrote, according to a release the ICI issued today.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.