The Money Management Institute of Washington D.C. has taken exception to the Investment Company Institute's request that the SEC re-examine a rule that grants managed accounts an exemption to the Investment Company Act of 1940, according to a memorandum the Institute sent to its membership Aug. 29.

The Institute claims that Craig Tyle, the general counsel for the ICI, requested the SEC re-examine the parameters of rule 3a-4, while speaking at a roundtable conference sponsored by the SEC, according to a copy of the memorandum.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.