Mutual Funds Integrity and Fee Transparency Act of 2003

Summary

Mutual Funds Integrity and Fee Transparency Act of 2003 - Directs the Securities and Exchange Commission (SEC) to require mutual funds to disclose specified costs in their periodic reports to shareholders. States that a disclosure shall not be considered to be made in an appropriate disclosure document if it is made exclusively in a prospectus or statement of additional information. Amends the Investment Company Act of 1940 to require each investment adviser to a registered investment company to report at least annually to such company's board of directors regarding specified payments, services and research services. Imposes a fiduciary duty upon company boards of directors to: (1) supervise and determine that an investment adviser's direction of the company's brokerage transactions serves the best interests of company shareholders; (2) supervise revenue sharing arrangements to ensure compliance with this Act; and (3) determine that revenue sharing arrangements serve the best interests of company shareholders. Reduces from sixty percent to one-third the number of "interested persons" who may serve as board members of a registered company. Prohibits an "interested person" from serving as chairman of the board of a registered company. Revises accountant selection criteria to: (1) mandate accountant selection by the audit committee of a registered company; (2) confer direct responsibility upon the audit committee for appointment, compensation, and oversight of the independent public accountant employed to prepare or issue the audit report; (3) require such independent public accountant to report directly to the audit committee; and (4) require each audit committee member to be a member of the board of directors, and to otherwise be independent. Directs the SEC to study and report to specified congressional committees on the use of soft dollar arrangements by investment advisers.

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Documents

11 official files

• Referred in Senate (text)

  Referred in Senate · EN · 20 November 2003

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• Referred in Senate (PDF)

  Referred in Senate · EN · 20 November 2003

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• Engrossed in House (text)

  Engrossed in House · EN · 19 November 2003

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• Engrossed in House (PDF)

  Engrossed in House · EN · 19 November 2003

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• Passed House amended

  summary · EN · 19 November 2003

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• Reported in House (text)

  Reported in House · EN · 4 November 2003

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• Reported in House (PDF)

  Reported in House · EN · 4 November 2003

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• Reported to House with amendment(s)

  summary · EN · 4 November 2003

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• Introduced in House (text)

  Introduced in House · EN · 11 June 2003

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• Introduced in House (PDF)

  Introduced in House · EN · 11 June 2003

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• Introduced in House

  summary · EN · 11 June 2003

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