Investment News writes "​SEC will step up information gathering from mutual fund industry". They say, "The Securities and Exchange Commission is developing a rule proposal that would strengthen its ability to monitor risks associated with mutual funds. The rule would improve the data the agency receives from mutual funds, closed-​end funds and exchange-​traded funds, said Norm Champ, director of the SEC Division of Investment Management." IN quotes him at the "Investment Company Institute'​s Mutual Fund and Investment Management Conference in Orlando, Fla.," "`​We are undertaking an initiative to develop a recommendation that would modernize and streamline the information that funds are reporting to the commission to give us more timely and useful information about fund operations and portfolio holdings." The piece adds, "By improving the quality and scope of the information that it collects about money market funds, the SEC was able to file a case in November against Ambassador Capital Management, which the commission charged with making false statements about the credit risk associated with funds in its portfolio. The SEC is seeking similar advances in overseeing the rest of the sector."

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