The mutual fund and securities industries are urging the SEC to delay and substantially revise proposed new rules which would set quality standards for transfer agents and broker/dealers.

The SEC rule proposal which would require transfer agents to provide "prompt and accurate" service is vague and subjective, said Barry Simmons, assistant counsel for the Investment Company Institute. The SEC should revise the rule and resubmit it with more detail for public comment, Simmons said in a letter to the SEC dated April 12.

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