3.0.0 1958 2023-01-15T09:03:28Z 2023-01-15T09:03:28Z Senate S S 2003-11-25 108 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2003-11-25T17:30:16Z 2003-12-09 Senate Star Print ordered on the bill. Floor 2003-11-25 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2003-11-25 Sponsor introductory remarks on measure. (CR S15983-15985) IntroReferral B00100 9 Library of Congress 2003-11-25 Introduced in Senate IntroReferral 10000 9 Library of Congress K000148 Sen. Kerry, John F. [D-MA] JOHN KERRY D MA FORBES N K000105 Sen. Kennedy, Edward M. [D-MA] EDWARD KENNEDY D MA MOORE 2003-11-25 True Finance and Financial Sector Administrative fees Administrative procedure Administrative remedies Auditing Brokers Commerce Confidential communications Conflict of interests Congress Congressional reporting requirements Consumer protection Contraceptives Cost accounting Criminal investigation Disciplining of employees Ethics Evidence (Law) Executive reorganization Federal advisory bodies Fees Financial disclosure Financial institutions Financial research Financial statements Fines (Penalties) Government Operations and Politics Government paperwork Governmental investigations Independent regulatory commissions Information disclosure (Securities law) Institutional investments Investment advisers Investments Investors Law Mutual funds Organized crime Performance measurement Quality control Securities Securities and Exchange Commission Securities fraud Securities industry Securities regulation Sentences (Criminal procedure) Small business Standards State laws Stock exchanges Stockholders Stocks Trusts and trustees Finance and Financial Sector 00 2003-11-25 Introduced in Senate 2004-02-04T21:17:44Z Mutual Fund Investor Protection Act of 2003 - Amends the Investment Company Act of 1940 to require that mutual fund securities purchase orders be placed before the registered open-end company (mutual fund) sets the price for that day.

Amends the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Company Act of 1940 to set forth civil and criminal penalties for willful violation of the rules governing the purchase, sale or valuation of mutual fund securities.

Amends Federal criminal law to redefine racketeering activity to include such willful violations.

Amends the Investment Company Act of 1940 to: (1) mandate disclosure of market timing policies in a mutual fund prospectus; and (2) prohibit an "interested person" from serving as chairman of the board of a mutual fund.

Instructs the Securities and Exchange Commission (SEC) to: (1) publish requirements imposing specified fiduciary duties upon the board of directors of a mutual fund; (2) require specified mutual fund cost disclosures; (3) issue a concept release examining portfolio transaction costs incurred by investment companies; and (4) require additional disclosures of fees paid by mutual fund shareholders.

Amends the Investment Company Act of 1940 to prohibit short-term trading by specified mutual fund personnel or affiliates.

Directs the SEC to require each mutual fund to appoint a compliance officer.

Establishes the Mutual Fund Oversight Board (Board) to oversee the conduct of mutual funds and to establish auditing, quality control, and ethics standards.

Mandates mutual fund registration with the Board.

Requires the Board to: (1) conduct a continuing program of inspections to assess mutual fund compliance; and (2) establish procedures for investigations and disciplinary proceedings.

States that Board actions do not preempt any State securities action.

Directs the SEC to prescribe rules granting complainants the option to have any arbitration held in an independent arbitration forum of the complainant's choice.

]]> Mutual Fund Investor Protection Act of 2003 Display Title Mutual Fund Investor Protection Act of 2003 Official Title as Introduced A bill to prevent the practice of late trading by mutual funds, and for other purposes. Introduced in Senate IS Short Titles as Introduced Mutual Fund Investor Protection Act of 2003 Introduced in Senate 2003-11-25T05:00:00Z 2003-12-09 Star Print ordered on the bill. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.