The mutual fund industry is confused. Earlier this year, the Securities and Exchange Commission wrote a letter to the Investment Company Institute in order to clarify its position on fair value pricing, but the letter actually raised more questions and has left fund firms struggling with what procedures implement, according to industry executives.

And not only has the SEC begun focusing on fair value pricing procedures, but, following several high profile enforcement actions, investors are now more aware about the issue than they used to be.

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