After-hours funds trading shut down by SEC vote
Thursday, December 4, 2003
WASHINGTON -- Federal regulators voted Wednesday to shut down illegal but oft-practiced after-hours trading in mutual funds, bidding to restore investor confidence staggered by a spreading industry scandal. The Securities and Exchange Commission agreed by a 5-0 margin on tentative approval of a rule that would set 4 p.m. Eastern as the cutoff for pricing of fund shares. It is the first step in regulators' planned overhaul of the $7 trillion fund industry.
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