WASHINGTON – The Securities and Exchange Commission has ordered a new surveillance program for the mutual fund industry to halt future improprieties, Chairman William Donaldson said Friday.

In a speech to the Practising Law Institute at the annual "SEC Speaks" conference here, Donaldson said he has created a new oversight task force dedicated to drafting an outline for a new fund-monitoring program. It would include both the monitoring of disclosures by fund companies and the analysis of new technologies that could be used to curtail abuses in the industry.

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.