The SEC's Dec. 11, 2003 proposal to end forward-pricing end runs around the 4 p.m. hard NAV close, has raised criticism from 401(k) plan sponsors, investors and administrators.

Noting numerous instances where financial intermediaries or investors were able to sidestep existing forward-pricing regulations, the SEC proposed new requirements aimed at curtailing already illegal late-day trading. Comments were due to the SEC by last Friday.

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