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13 Prac. Law. 3 (1967)

handle is hein.ali/praclaw0013 and id is 1 raw text is: A]I -Af A

Books &
T HE    Securities and  Exchange
Commission's long-awaited Re-
port on Mutual Funds will form the
substance of a special national con-
ference to be conducted and cospon-
sored by the University of Pennsyl-
vania Law School and the ALI-
ABA Joint Committee on Thurs-
day and Friday, February 9 and 10,
The Report, fairly described as
the Special Study of the Mutual

Fund Industry, contains a wealth
of factual information about, and
detailed analysis of, industry prac-
tices, as well as numerous proposals
for changes in the regulatory frame-
work governing the mutual fund
One of the subjects covered will
be the regulatory implications aris-
ing out of the role of mutual funds
as investors of huge pools of money.
A panel will discuss such questions
as the potential control by funds
over their portfolio companies, the
impact of mutual fund investment
transactions on stock prices and on
the securities markets, including the
auction market, and the ability of
large funds to retain sufficient mo-
bility to manage their portfolios.
Management fees charged mutual
funds and the financing of the dis-
tribution of fund shares will also be
Another panel will discuss prob-
lems relating to the size of sales
loads, the collection of sales loads
through the front-end load system,
the use of reciprocal business to re-
ward selling efforts, and the subsidy
of selling efforts by the profits
earned on managing fund assets.
Professor Robert H. Mundheim
of the University of Pennsylvania
Law School serves as Planning
Chairman and Moderator for the

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