The Investment Company Institute’s board of directors is forming two separate task forces to concentrate on preventing late trading and short-term trading. The board will ask each task force to work closely with the SEC, the NASD and other regulators to devise ways firms can "forcefully and effectively" prevent such abuses.

"The board recognizes that new regulatory requirements always come first. Everything is on the table to protect mutual fund shareholders," said Paul G. Haaga, Jr., chairman of the ICI.

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