ICI President Paul Schott Stevens said last week that his agency is firmly behind reform in the industry and called on the SEC to "administer strong medicine to prevent trading abuses in the future."

Stevens did not limit his comments to mutual funds, however, calling for regulators to include intermediaries and hedge funds in the reform process. He argued that without cleaning up all the weak links in the chain, the problems won't be solved.

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.