Named to serve on the task force are:
- William C. Alsover, Jr., Chairman, Centennial Securities Corporation, Inc., Grand Rapids MI;
- John J. Brennan, Chairman and CEO, The Vanguard Group, Malvern, PA;
- Martin L. Flanagan, President and Co-CEO, Franklin Resources, Inc., San Mateo, CA;
- Robert Graham, Vice Chairman, AMVESCAP PLC, Houston, TX;
- Paul G. Haaga, Jr., Executive Vice President, Capital Research and Management Co., Los Angeles, CA;
- David B. Jones, Senior Vice President, Product Strategy & Communications, Fidelity Management & Research Co., Boston, MA;
- Ronald J. Kessler, Vice Chairman and Executive Vice President, A.G. Edwards & Sons, Inc., St. Louis, MO;
- Thomas P. Lemke, Partner, Morgan, Lewis & Bockius LLP, Washington, DC;
- Jeffrey M. Lyons, Executive Vice President, Asset Management Products and Services, Charles Schwab & Co., Inc., San Francisco, CA;
- William M. Lyons, President and CEO, American Century Companies, Inc., Kansas City, MO;
- Mark D. Madoff, Co-Director of Trading, Bernard L. Madoff Investment Securities LLC, New York, NY;
- Robert McCann, Executive Vice President and Vice Chairman, Wealth Management Group, Merrill Lynch, Pierce, Fenner & Smith Inc., New York, NY;
- Robert C. Pozen, Chairman, MFS Investment Management, Boston, MA;
- James S. Riepe, Vice Chairman, T. Rowe Price Group, Inc., Baltimore, MD;
- Todd Robinson, Chairman and CEO, Linsco Private Ledger Financial Services, Boston, MA;
- John H. Schaefer, President and Chief Operating Officer, Individual Investor Group, Morgan Stanley, Purchase, NY;
- Timothy C. Scheve, President and CEO, Legg Mason Wood Walker, Inc., Baltimore, MD;
- Brian Shea, Chief Operating Officer, Pershing, LLC, Jersey City, NJ;
- Erik Sirri, Professor, Finance Division, Babson College, Wellesley, MA, and
- Thomas Streiff, Senior Vice President, Director of Investment Solutions, UBS Financial Services, Inc., Weehawken, NJ.
The task force is the product of discussions between the Securities and Exchange Commission (SEC) and NASD staffs, building on the NASD's previous work on the Breakpoints and Omnibus Task Forces. The views of the Task Force will help to inform SEC rule proposals and requests for comment regarding mutual fund cost disclosure and distribution arrangements.
The work of the Mutual Fund Task Force will proceed in two phases to provide timely input to the SEC's rulemaking process. In the first, it will consider mutual fund portfolio transaction costs - including directed brokerage arrangements, soft dollars and disclosure. It's expected the task force will report back to the SEC on these issues in the next several months.
In the second phase, task force members will focus on distribution arrangements, including 12b-1 fees and revenue sharing. Phase two will include a comprehensive view of mutual fund distribution and will require a longer time commitment than phase one.
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