COB to investigate fund management industry

In mid-November 2003, an investigation into fund management industry practices was launched by the Commission des Opérations de Bourse (COB). With mutual funds in the US currently being probed by the Securities and Exchange Commission, market timing and late trading will be given particular attention under the investigation. However, the French fund management industry benefits from having stricter regulations than those in the US industry, with custodians being legally obliged to ensure that the fund management company complies with financial regulations. The industry has come under close scrutiny after several legal cases regarding professional probity in the corporate and financial services sector. In a recent example, 30 people with links to the former French state-owned oil company Elf were sentenced on charges of embezzlement, corruption and misuse of public funds.

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