The Investment Company Institute's top officials presented ideas to the Senate and the Securities and Exchange Commission last week to fix the problems of late-trading, market timing and insider market timing. But they might soon need to add accurate NAV pricing to the list, as SEC Director of Enforcement Stephen Cutler testified before Congress last week that some funds are also guilty of purposely writing down their net asset values.

In a conference call, the leaders of the ICI recommended three specific measures that would stymie the questionable trading practices currently hindering the industry's reputation: 1) A 4 p.m. fund transaction deadline; 2) stiffer and earlier redemption fees; and 3) a strengthened code of ethics.

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