Paul Schott Stevens, Investment Company Institute president, today said the mutual fund industry supports a re-examination of mutual fund rules and regulations by the SEC. "We will (make) every effort to assist mutual funds to fully implement the SEC's new regulations, in whatever form they are adopted," Mr. Stevens said in his first public speech since being named president on June 1.
However, Mr. Stevens said trading scandals cannot be dealt with without also addressing problematic record-keeping conventions by fund intermediaries, as well as market-timing abuses by hedge funds. He supports SEC registration of hedge funds, proposed by William Donaldson, SEC chairman.
