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Written Testimony of Securities Industry Association at Hearing on Mutual Fund Industry Reforms (PDF)
Committee on Banking, Housing and Urban Affairs, U.S. Senate Link to more items from this source
Nov. 19, 2003
21 pages. Excerpt: [W]e think that a hard close that can only occur at the mutual fund has some significant drawbacks for investors, and also may have some major operational difficulties. A hard close at NSCC may best meet concerns about a verifiable order entry deadline, while a hard close at the broker-dealer or other intermediary would be preferable from the vantage point of most retail investors and retirement plan participants.

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