In a move designed to restore industry confidence and nudge investorsÂ’ interests back to the forefront, the Investment Company Institute told the Securities and Exchange Commission Monday that it supports the curtailing of soft dollars and banning of "directed brokerage."

"These are substantial reforms," said ICI Chairman Paul G. Haaga Jr. The proposed changes would "benefit fund investors by substantially diminishing potential conflicts of interest and strengthening the operating integrity of mutual funds."

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