State and federal regulators told mutual fund firms Wednesday that the investigations and enforcement actions are not finished yet, The Wall Street Journal reports.

Speaking at a Washington conference, New York’s deputy attorney general said focus may shift, however, more toward fund managers and the financiers for improper trades.

"There is more to come," said the deputy attorney general, Beth Golden. She echoed the constant words of her boss, New York Attorney General Eliot Spitzer, when she talked of fee-lowering being an integral part of all settlements. The contention is that Spitzer is not trying to set fees, but rather just trying to make them fairer, a position that many in the industry disagree with.

As for Spitzer’s office’s relationship with the Securities and Exchange Commission, which disagrees with mandating lower fees, Golden said the two are "getting along great."

A top SEC official, Philadelphia office head Arthur Gabinet, said that the Commission has been on top of the fund industry since the beginning, even before it was a "twinkle in Eliot Spitzer’s eye."


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