Securities and Exchange Commission Chairman William H. Donaldson commended members of the joint NASD/industry task force on breakpoints Thursday. The task force issued a report Monday recommending reforms across the industry regarding mutual fund purchases (see MME 7/22/03). The recommendations include improving breakpoint disclosure and creating a central database of mutual fund purchases.
"I welcome the recommendations contained in the breakpoint report and fully expect that the industry will continue to work to implement these recommendations," Donaldson said. "Mutual fund investors are saving for education, retirement and other long-term goals. To meet those goals, they must maximize the returns on their investments. It is essential that they receive the correct sales loads on their mutual fund transactions. The SEC staff will monitor the progress of the industrys implementation of these important initiatives."