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SEC: Buysiders Must Do More

Traders Magazine, January 2004

Gregory Bresiger

Some investment companies have more fiduciary responsibilities under new Securities and Exchange Commission rules. The rules require buyside firms to have new compliance programs to prevent a rehash of the recent market timing scandals. More broadly, the rules mean that service providers - a term which covers a wide range of financial professionals since investment companies outsource many of their services - must also obey the new regs. These changes have been welcomed by the Investment Company Institute (ICI), the main trade group for the fund industry, which has commended the regulator's actions over the past few months.

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