Washington (Dec. 5, 2003) -- Amid a widening scandal that has rocked the mutual fund industry, the Securities and Exchange Commission proposed tougher rules this week aimed at curbing abuses among funds.

The commission voted to adopt a compliance rule that will require funds and advisors to have compliance policies and procedures, to annually review them and to designate a chief compliance officer who must report to the board of directors. Compliance with the rule will be required within nine months of its publication.

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