Mutual Fund Industry: Sec's Revised Examination Approach Offers Potential Benefits, But Significan Oversight Challenges Remain (Google eBook)
DIANE Publishing, 2006 - 52 pages
As the front-line regulator of mutual funds, the Securities & Exchange Commission (SEC) plays a key role in protecting the nearly half of all U.S. households owning mutual funds, valued around $8 trillion in 2005. Mutual fund abuses raised questions bout the integrity of the industry & quality of oversight provided by SEC & self-regulatory organizations that regulate broker-dealers selling funds. This report assesses: (1) changes SEC has made to, or is planning for, its mutual fund examination program; (2) key aspects of SEC's quality control framework for routine fund examinations; & (3) the adequacy of SEC's oversight of the NASD & the N.Y. Stock Exchange in protecting shareholders from mutual fund sales abuses. Charts & tables.
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According to SEC additional agency agency's areas Broker-Dealer Examination Guidance broker-dealer oversight examinations compliance controls conduct routine examinations conducting examinations conducts oversight examinations detect document effective ensure examination modules examination procedures examination quality examination reports examination resources examinations of broker-dealers exams FDIC federal bank federal securities laws firms full scope fund complexes fund examination program fund sales practices funds and advisers Government Accountability Office Government Sponsored Enterprises hedge fund advisers investment advisers Investment Company investors lower risk mutual fund examination mutual fund industry mutual fund sales NASD and NYSE National Futures Association OCIE oversee percent potential quality control quality of SRO regulatory require risk assessments risk ratings risk scorecards routine fund examinations sample SEC conducts SEC examiners SEC field offices SEC officials told SEC staff SEC's capacity SEC's oversight Securities and Exchange significant SRO oversight supervisory review sweep examinations unit investment trusts written examination plans York Stock Exchange
Page 3 - Member Committee on Financial Services House of Representatives The Honorable Paul E. Kanjorski Ranking Member Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises Committee on Financial Services House of Representatives...
Page 5 - Treasury, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, and the Department of State issued "Guidance on Enhanced Scrutiny for Transactions That May Involve the Proceeds of Foreign Official Corruption.
Page 30 - Unit investment trust" means an investment company which (A) is organized under a trust indenture, contract of custodianship or agency, or similar instrument, (B) does not have a board of directors, and (C) issues only redeemable securities, each of which represents an undivided interest in a unit of specified securities; but does not include a voting trust. (3) "Management company" means any investment company other than a face-amount certificate company or a unit investment trust.
Page 44 - We determined that the data were sufficiently reliable for use in this report...
Page 4 - hedge fund" generally identifies an entity that holds a pool of securities and perhaps other assets that is not required to register its securities offerings under the Securities Act and which is excluded from the definition of investment company under the Investment Company Act of 1940.
Page 4 - Under SEC rules, mutual funds accept orders to sell and redeem fund shares at a price based on the current net asset value, which most funds calculate once a day at the 4:00 pm ET close of the US securities markets.
Page 6 - July 2005 in accordance with generally accepted government auditing standards. Appendix I provides a detailed description of our scope and methodology.
Page 43 - The federal banking regulators — the Federal Deposit Insurance Corporation (FDIC), Board of Governors of the Federal Reserve System...
Page 42 - Chairman of the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, House Committee on Financial Services; and the Chairman and Ranking Minority Member of the Senate Committee on Banking, Housing, and Urban Affairs.
Page 17 - Management Committee responsible for reviewing implications of identified risks and recommending appropriate courses of action. Working with other SEC offices, ORA staff expect to identify new technologies, such as data mining systems that can help agency staff detect and track risks. Although...