3.0.0 2059 2023-01-15T10:03:18Z 2023-01-15T10:03:18Z Senate S S 2004-02-10 108 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2004-02-10T22:12:54Z 2004-02-10 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S797-802) IntroReferral 2004-02-10 Sponsor introductory remarks on measure. (CR S793-797) IntroReferral B00100 9 Library of Congress 2004-02-10 Introduced in Senate IntroReferral 10000 9 Library of Congress F000442 Sen. Fitzgerald, Peter [R-IL] PETER FITZGERALD R IL N L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON 2004-02-10 True C001035 Sen. Collins, Susan M. [R-ME] Susan Collins R ME M. 2004-02-10 True L000504 Sen. Lugar, Richard G. [R-IN] RICHARD LUGAR R IN GREEN 2004-03-22 False K000105 Sen. Kennedy, Edward M. [D-MA] EDWARD KENNEDY D MA MOORE 2004-03-22 False H000725 Sen. Hollings, Ernest F. [D-SC] ERNEST HOLLINGS D SC FREDERICK 2004-03-22 False L000123 Sen. Lautenberg, Frank R. [D-NJ] FRANK LAUTENBERG D NJ R. 2004-03-22 False D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2004-03-23 False V000126 Sen. Voinovich, George V. [R-OH] GEORGE VOINOVICH R OH V. 2004-03-25 False C001057 Sen. Coleman, Norm [R-MN] Norm Coleman R MN 2004-04-01 False C000127 Sen. Cantwell, Maria [D-WA] Maria Cantwell D WA 2004-04-05 False M000303 Sen. McCain, John [R-AZ] JOHN MCCAIN R AZ SIDNEY 2004-05-13 False P000590 Sen. Pryor, Mark L. [D-AR] Mark Pryor D AR Lunsford 2004-06-21 False Finance and Financial Sector Accounting Administrative procedure Advertising Auditing Auditing and auditors Brokers Business ethics Chief executive officers Civil Rights and Liberties, Minority Issues Commerce Commercial arbitration Conflict of interests Congress Congressional investigations Congressional reporting requirements Consultants Consumer education Contracts Corporate finance Corporate management Corporation directors Corporation reports Cost accounting Crime and Law Enforcement Crime prevention Deceptive advertising Derivative securities Disciplining of employees Discrimination in employment Dismissal of employees Electronic government information Executive compensation Executive reorganization Families Federal-state relations Fees Financial services Financial statements Government Operations and Politics Government paperwork Government publicity Governmental investigations Grievance procedures Independent regulatory commissions Information disclosure (Securities law) Information services Insider trading in securities Internet Investment advisers Investment banking Investments Investors Labor and Employment Law Lawyers Legislation Marketing Mutual funds Restrictive trade practices Sales promotion Science, Technology, Communications Securities and Exchange Commission Securities fraud Securities industry Securities regulation Stock exchanges Stockholders Telephone Trusts and trustees Valuation Web sites Whistle blowing Finance and Financial Sector 00 2004-02-10 Introduced in Senate 2004-05-28T20:22:00Z Mutual Fund Reform Act of 2004 - Amends the Investment Company Act of 1940 to: (1) reduce from 60 percent to 25 percent the maximum number of interested persons serving on the board of directors of a registered investment company; and (2) prohibit an interested person of such company from serving as chairman of such board of directors.

States that a fiduciary duty is owed by: (1) the board of directors to act with loyalty and care in the best interests of shareholders; and (2) an investment adviser to supply material information necessary for independent directors to review and govern the company.

Revises guidelines governing independent accounting and auditing.

Directs the SEC to require adoption of a code of ethics by a registered investment company and by its investment advisers and principal underwriters.

Directs the SEC to require each senior executive officer of an investment adviser to certify in periodic reports to shareholders that specified procedures are in place to verify compliance with transparency and specified ethical considerations.

Grants whistleblower protection for employees of publicly traded companies and registered investment companies.

Directs the SEC to develop standardized disclosures for: (1) expense and transaction cost ratios; (2) cost structures; (3) investment adviser compensation; (4) point of sale; and (5) additional disclosures of broker compensation.

Repeals Rule 12b-1 fees (asset-based distribution expenses paid by investors).

Prohibits: (1) revenue sharing; (2) directed brokerage fees; (3) soft dollar arrangements; (4) short-term trading; and (5) joint management of mutual funds and hedge funds.

]]> Mutual Fund Reform Act of 2004 Display Title Mutual Fund Reform Act of 2004 Official Title as Introduced A bill to improve the governance and regulation of mutual funds under the securities laws, and for other purposes. Introduced in Senate IS Short Titles as Introduced Mutual Fund Reform Act of 2004 Introduced in Senate 2004-02-10T05:00:00Z 2004-02-10 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S797-802) 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.