The Investment Company Institute of Washington D.C. has taken the unusual step of submitting a follow up letter to an earlier request that the Securities and Exchange Commission regulate portfolio products like mutual funds.

This is only the second time the ICI has submitted a second letter to the SEC on the same issue and the first time that it has called such a letter a "Petition for Rulemaking," an established form of appeal to the SEC, according to John Collins, an ICI spokesperson.

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