CHICAGO - The U.S. Securities and Exchange Commission is not likely to back down on its pending controversial after-tax performance requirement. This was the impression that Susan Nash, the SEC's associate director of the division of investment management, gave at the Investment Company Institute's tax and accounting conference here last week.

Nash expressed no sympathy when other panelists questioned whether funds should be required to display a fund's returns less the impact of the highest personal income tax bracket of 39.6 percent. The highest tax bracket is unfair and unrealistic for the overwhelming majority of the 80 million mutual fund shareholders, panelists said.

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.