Securities


Amid ongoing turbulence in the equity and debt markets, Paul F. Roye, director of the SEC’s investment management division, warns investment companies—also known as mutual funds—against laying off essential compliance personnel to cut costs. U.S. mutual funds’ combined assets climbed 3.1% to $6.6 trillion at the beginning of October, says the Investment Company Institute, a trade group. But while the gain surprisingly took place in the aftermath of the September 11 terrorist attacks, it did little to reverse the extended downward trend during which total fund assets dropped by 5% from December 2000. ( www.sec.gov/news/speech/spch528.htm ; www.ici.org/facts_figures/trends_1001.html )

SPONSORED QUIZ

How well do you know small business?

There are over 30 million small businesses in the U.S., and many of them are optimistic in their outlook. Are you familiar with the obstacles and opportunities they are facing? Test your small business acumen with this quiz sponsored by Chase Ink®.

SPONSORED REPORT

In focus: Payroll

Providing payroll services that comply with ever-changing regulations and meet evolving employee and employer demands is no easy task. Paychex's Tom Hammond discusses common payroll considerations for CPA firms.