News Flash- ICI Asks SEC to Rein in Prevalence of Soft Dollars, Ban Directed Brokerage

To restore industry confidence and nudge investors' interests back to the forefront, the Investment Company Institute told the SEC last Monday it supports the curtailing of soft dollars and banning of "directed brokerage." Commenting on the proposal, ICI Chairman Paul G. Haaga, Jr. said the proposed changes would "benefit fund investors by substantially diminishing potential conflicts of interest and strengthening the operating integrity of mutual funds."