The NASD said on Thursday that is has fined Boston-based State Street Research (SSR) $1 million and will receive an additional $533,000 in restitution from the firm for not doing enough to prevent market timing in its funds.

The NASD has also required that SSR, a subsidiary of MetLife, disclose all instances of mutual fund exchanges that exceed limits outlined in the prospectuses. "For this particular situation, their review spans from 2001 to August of 2003," said Robyn Tice, a spokeswoman for SSR, in a telephone interview. "It involved less than 130 shareholder accounts, out of a base of more than 800,000 shareholder accounts," Tice said. In addition to the fine and restitution, SSR is required to certify that it has put in appropriate market-timing systems and controls.

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