Regulation

The British government is considering an overhaul of their tax code for mutual funds that could put the responsibility for declaring income from funds directly on investors, according to foreign news reports.

The bonuses and pay packages of the chief executives at Countrywide Financial Corp., Citigroup Inc., and Merrill Lynch & Co. were not made in the interest of the companies’ shareholders, particularly as the subprime crises was unfolding, according to a report from a U.S. House committee.

The Securities and Exchange Commission has filed an order against a top advisor at Fidelity Investments, after a four-year investigation into the inappropriate use of gifts and the entertainment of prospective clients.

As part of a settlement with New York Attorney General Andrew Cuomo, Fannie Mae and Freddie Mac will establish a home appraisal watchdog organization to help prevent fraud in valuing homes, Reuters reports.

WASHINGTON - House Financial Services Committee Chairman Barney Frank is preparing a $35 billion housing package that would expand the government's role in combating the sub-prime mortgage crisis.

After years on the back burner, the Securities and Exchange Commission's rule governing mutual fund marketing fees is in store for a "complete overhaul," according to commission chairman Christopher Cox.

WASHINGTON – House Financial Services Committee Chairman Barney Frank is preparing a $35 billion housing package that would expand the government's role in combating the sub-prime mortgage crisis.

Oppenheimer & Co. has been ordered to pay $250,000 for failing to supervise the improper market timing of mutual fund shares from January through September 2003, according to FINRA. The firm has also been ordered to pay $4.25 million in restitution to more than 60 mutual fund companies.

The Securities and Exchange Commission said it wants to require investment advisers to provide clients with online brochures describing their services, fees and conflicts of interest in a reader-friendly format.

Investors holding municipal bonds directly or through mutual funds could see their returns diminished by ratings agencies' recent downgrades of troubled bond insurers, according to a report prepared for Congress.