According to an article released today by SRi Media, NASD Chairman and CEO Robert Glauber announced the formation of a Mutual Fund Task Force, whose mission “will be to identify and recommend ways to bring greater transparency to mutual fund costs and distribution arrangements.”
The task force is the culmination of discussions between the SEC and NASD staffs and responds to rule proposals and requests for comment by the SEC on ways to improve disclosure of mutual fund costs and issues regarding mutual fund distribution arrangements.
The members of the task force will represent a cross-section of professionals from the broker-dealer and mutual fund industries. It’s expected that Task Force members will be appointed and begin work by the end of June.
The work of the Mutual Fund Task Force will proceed in two phases to provide timely input to the SEC’s rulemaking process. In the first phase, the Task Force will consider mutual fund portfolio transaction costs — including directed brokerage arrangements, soft dollars and disclosure. It’s expected the task force will report back to the SEC in the next several months.
For the complete article, refer to http://www.srimedia.com/artman/publish/article_830.shtml