ICI Backs the NASD, SEC On Broker Breakpoint Flap
January 20, 2003
The Investment Company Institute has commended the SEC and the NASD for their recent warnings against brokers. The NASD recently issued a letter to members warning them to pass along breakpoint discounts to large mutual fund customers (see MFMN 01/13/03).
The comments came in a letter from ICI President Matthew Fink to the U.S. House of Representatives chairman of the financial services committee and to the chairman of the House subcommittee on capital markets, as well as to SEC Chairman Harvey Pitt and NASD Chairman Robert Glauber.
"The industry strongly supports tough regulation of sales practices involving mutual funds and will cooperate fully in the investigation on behalf of its 95 million shareholders," Fink wrote the congressmen.