Paul Schott Stevens, president of the Investment Company Institute, said his organization, which represents close to 10,000 money management groups, isn't entirely satisfied with the guidance it's received from the Securities and Exchange Commission regarding late trading and market timing in the mutual fund industry.

"The core issues that emerged in the trading abuses have yet to be addressed by the Commission," Stevens told Larry Kudlow during a recent interview for the CNBC financial talk show Kudlow & Co. "It's extraordinary1/4 that those issues that were so central are yet to be fully addressed."

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