The Securities and Exchange Commission last Tuesday put forth the details of its code of ethics proposal for mutual funds, as part of a three-pronged approach to improve corporate governance and disclosure in the $7 trillion industry. (See code of ethics details, page 13.)

Regulators are seeking public comments on the proposed rule, which would institute a new law under Section 204A-1 of the Investment Advisers Act of 1940. The deadline for receiving comments is March 15, as posted on the SEC Web site.

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