S. 1958 · 108th Congress
Mutual Fund Investor Protection Act of 2003
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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
KerrySponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in Senate · Nov 25, 2003
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Mutual Fund Investor Protection Act of 2003
Latest action (Dec 9, 2003): Star Print ordered on the bill.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Nov 25, 2003
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.