Client Alert

Fund Investors Face Prospect of Mandatory Redemption Fees

March 17, 2004

Investment Management Practice Group

On February 25, 2004, the Securities and Exchange Commission voted to issue a rule proposal that would require most mutual funds to adopt redemption fees on short-term trades. Proposed Rule 22c-2 is intended to serve as one of various measures designed to address abusive market timing activities in fund shares, which have roiled the fund industry in the last several months.

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