The SEC is studying alternatives to the "hard 4 p.m. close" proposal after receiving nearly 1,000 comments, Paul Roye, director of the investment management division, said at a mutual fund conference in Palm Desert, Calif., today. "We have been presented with various alternatives to (the proposal) and are studying these approaches," he said. The SEC proposal would require that mutual funds or a certified clearing agency receive orders to buy and sell shares by 4 p.m. for investors to get that day's price.
Mr. Roye also said another issue that merits review is soft-dollar arrangements. The investment management division is working with the market regulation division on a review, and "we look forward to conducting a thorough analysis in order to make meaningful and informed recommendations to the commission on this issue," he said.