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Credit ratings are vital to the investor protections that have made money market mutual funds successful, and the U.S. Securities and Exchange Commission should continue to require these funds to use ratings as a factor in assessing whether a security is eligible for investment, ICI said in a comment letter to the agency. ICI strongly opposed the SEC's proposal to eliminate ratings by registered credit rating agencies, or nationally recognized statistical ratings organizations, from Rule 2a-7. In a letter filed on August 29, 2008 with the SEC, ICI strongly supported the SEC proposal to permit funds to provide investors with a Summary Prospectus, and make additional information available on the Internet or upon request. The letter cautions against relying too heavily on the results of focus groups in isolation for the purposes of crafting regulation. As an outstanding securities law scholar, Commissioner Paredes is well-prepared to serve the public as the SEC faces the complexities of regulation in the current market environment, ICI President and CEO Paul Schott Stevens said. ICI has urged the U.S. Securities and Exchange Commission to proceed methodically on its proposal to require mutual funds to file the risk/return summary in eXtensible Business Reporting Language (XBRL). In a comment letter, ICI supported SEC efforts to leverage technology to better inform fund investors, and called for completion of the Summary Prospectus initiative. Mandating XBRL for risk/return data would be premature, ICI said, asking the SEC to fully weigh the XBRL regime first. With experience both as a securities lawyer in private practice and as counsel of a major financial firm, Commissioner Aguilar is admirably equipped to help lead the Commission at this critical juncture for our financial markets, ICI President and CEO Paul Schott Stevens said. ICI has expressed support for the U.S. Securities and Exchange Commission's proposed regulations aimed at improving the transparency and accountability of credit rating agencies. In a comment letter to the SEC, ICI also urged the Commission to extend many of its proposals to the municipal securities market. The letter further called for stronger federal regulation and legislation to address gaps in current disclosure for municipal securities. Derivatives trading have been in the headlines recently, increasing the focus on the important role fund boards fulfill in overseeing their funds' use of derivatives. IDC's most recent task force report, Board Oversight of Derivatives, provides practical guidance for fund directors, focusing on the specific requirements of fund boards in understanding and overseeing derivatives investments. Other recent developments 
This brochure outlines the options available for investing in 529 savings plans. This brochure discusses how UITs operate, and provides a general overview of the different types of UITs. This brochure reviews the types of closed-end funds and their operations. This brochure summarizes exchange-traded funds (ETFs) and explains how they differ from index mutual funds. More about investing
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In light of recent credit market conditions, ICI has provided detailed background information on municipal bonds that includes a discussion of credit ratings, bond insurance, and monoline insurers. ICI's comprehensive look at closed-end funds includes a discussion of the auction rate preferred securities issued by closed-end funds, the causes and implications of a failed auction, and the responsibilities of a closed-end fund in the event of a failed auction. ICI's updated background information on money market funds takes a closer look at the credit enhancements, such as bond insurance, that securities issuers employ to maintain a security's eligibility to be held in a money market fund. The Institute has updated its background information on bond funds with 2007 data. More questions and answers 
The latest edition of the Institute's research publication, Fundamentals, finds that assets of Individual Retirement Accounts (IRAs) and employer-sponsored defined contribution (DC) plans, including 401(k) accounts, grew by 11 percent helping lift total U.S. retirement assets to $17.6 trillion at year-end 2007. The Fact Book is a primary source for statistics and analysis concerning investment companies and household, institutional, and foreign owners of fund shares. More ICI research 
The combined assets of the nation's exchange-traded funds (ETFs) were $582.79 billion in July. The combined assets of the nation's mutual funds decreased by $91.56 billion, or 0.8 percent, to $11.588 trillion in July. Total money market mutual fund assets increased by $13.16 billion to $3.585 trillion for the week ended Wednesday, September 3, the Investment Company Institute reported. More ICI statistics 
U.S. commodity markets must remain fair, liquid, and competitive, ICI President and CEO Paul Schott Stevens told members of Congress. In a letter sent to Capitol Hill, Stevens warned against curtailing the activities of investors in commodity-based assets, which could result in raising costs for individual investors in mutual funds and reduce liquidity in U.S. commodity markets by sending commodity trading overseas. The nation's 401(k) system has become the "dominant private-sector device for retirement savings," and its success will continue if regulators, employers, and the financial services industry work together to encourage more plans and greater worker participation, ICI President and CEO Paul Stevens told attendees at the Institute's 50th Annual General Membership Meeting. More ICI viewpoints
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