www.sec.gov/news/press/200458.htm.
* The Securities and Exchange Commission (SEC) published for comment two rules, one of which would grant thrift institutions a limited exception from Investment Advisers Act Investment Advisers Act Legislation passed in 1940 requiring financial advisers to register with the Securities and Exchange Commission. The measure was enacted to protect the public from fraud or misrepresentation by investment advisers. requirements governing the manner and extent to which such entities may hold themselves out to the public as providers of investment advisory services (www.sec.gov/news/press/200458.htm). The other rule would exempt thrift-sponsored collective trust funds from the Securities Exchange Act of 1934's registration and reporting requirements. Such funds allow a bank or thrift to manage the assets of tax-qualified pension and profit-sharing plans on a pooled basis without creating an investment company, which would be subject to additional regulation as a mutual fund. Comments are due July 9.
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