*Letters

SIA Submits Comments to the SEC on Mutual Fund Redemption Fee

Published on:
May 9, 2005

The Investment Company and Operations Committees of the Securities Industry Association (SIA)*provides comments to the Securities and Exchange Commission (SEC)on a proposal relating to mutual fund redemption fees, Release No. IC-26782, File No. S7-11-04. The release corresponds to the adoption of Rule 22c-2, which requires fund boards, with certain exceptions, to make a determination as to whether a fund should impose a redemption fee. The rule also requires funds to enter into written agreements with intermediaries regarding shareholder identity and transaction information. The Committeesshare observations and recommendations including: 1) intermediary agreements; 2) cost-benefit analysis; and 3) standardization for the application of redemption fees under the rule.

*SIFMA is the product of the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.

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