Most Funds May Fall Under Privacy Law : Fund Action

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Most Funds May Fall Under Privacy Law

Industry lawyers are saying that a much larger segment of the mutual fund industry could fall under a law which requires financial institutions to develop new privacy guidelines by Nov. 1. Firms began to develop privacy guidelines only after the Investment Company Institute alerted its members several weeks ago that the Fair and Accurate Credit Transactions Act (FACTA)--passed last November--might apply to them.

At the time, lawyers were unsure about what types of funds would be covered by the rule--some thought that only money market funds might be affected, while others thought that other funds with checking features might be affected. Since the ICI alert lawyers have read up on FACTA and now most seem to agree that any account defined as a ...

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Most Funds May Fall Under Privacy Law

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