WASHINGTON - As regulatory burdens increase, mutual fund boards of directors' attention to the real business at hand-sound asset management and fiduciary responsibility to the end investor-is conversely being depleted, industry heavyweights attested, speaking at the Investment Company Institute's 50th Annual General Membership Meeting here last Thursday.

And because fund boards, in turn, are saddling their chief compliance officers with the responsibilities of independent trustees, CCOs' muscle is also being needlessly inhibited.

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