As mutual funds prepare reports to their boards on the procedures they have implemented for preventing future regulatory infractions, the Investment Company Institute released guidelines yesterday to help fund firms evaluate how well they are complying with rules put into place by the Securities and Exchange Commission following the recent trading scandals, Dow Jones Newswire reports.

Last year, the SEC passed a law requiring all funds to review policies on an annual basis, taking into regard codes of ethics, use of soft dollars, market timing and service providers. Funds are expected to report these measures to their boards every year.

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