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Sec Should Modify Proposed Regulations to Address Some Pension Plan Concerns

By General Accounting Office

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Book Id: WPLBN0000239716
Format Type: PDF eBook
File Size: 0.1 MB
Reproduction Date: 2005
Full Text

Title: Sec Should Modify Proposed Regulations to Address Some Pension Plan Concerns  
Author: General Accounting Office
Language: English
Subject: Government publications, Accountability in government, United States. General Accounting Office
Collections: Government Library Collection, Government Accountability Integrity Reliability Office Collection
Publication Date:
Publisher: United States General Accounting Office (Gao)


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Office, G. A. (n.d.). Sec Should Modify Proposed Regulations to Address Some Pension Plan Concerns. Retrieved from

Government Accountability Integrity Reliability Office Collection

Excerpt: The cost of late trading and market timing to long-term investors in mutual funds is unclear; however, it does not appear that these abuses affected pension plan participants more than other investors. While individual instances of abusive trading may not have had a noticeable effect on the value of funds held by long-term investors, the cumulative effect of such trading may be significant. Among 34 brokerage firms surveyed by the SEC, more than 25 percent reported instances of illegal late trading at their firms. However, numerous fund intermediaries that are not regulated by the SEC may also have permitted late trading. Trading abuses can be difficult to identify because, among other reasons, fund brokers aggregate the transactions of their clients and often do not share details of individual transactions with mutual fund companies. Ultimately, the effect of trading abuses on the savings of plan participants and other long-term fund shareholders is a function of which funds they invested in and for how long.


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