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News September 20, 2004 Issue

Fornelli Praises ICAA Best Practices

The Investment Counsel Association of America got a nice pat on the back from outgoing Division of Investment Management deputy director Cynthia Fornelli.

During a speech last week, Fornelli commended the ICAA for issuing its Best Practices for Investment Adviser Codes of Ethics, calling it a "significant development" and describing it as providing "thorough and useful guidelines that will serve advisers well in developing a culture of ethics within their firms." She described the Best Practices as a "model of how industry can work with the Commission to develop a cohesive and effective regulatory framework."

The text of Fornelliís speech, which broke no other new ground, is on the SECís website.