{"abstract":"The Securities and Exchange Commission (\"Commission\" or \"SEC\") is proposing a new rule under the Investment Company Act that would require mutual funds (with certain limited exceptions) to impose a two percent redemption fee on the redemption of shares purchased within the previous five days. The redemption fee would be retained by the fund. The rule is designed to require short-term shareholders to reimburse the mutual fund for costs incurred when they use the fund to implement short-term trading strategies, such as market timing.","action":"Proposed rule.","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2004/03/11/04-5374.html","cfr_references":[{"chapter":null,"citation_url":null,"part":270,"title":17}],"citation":"69 FR 11762","comment_url":null,"comments_close_on":"2004-05-10","correction_of":null,"corrections":[],"dates":"Comments must be received on or before May 10, 2004.","disposition_notes":null,"docket_ids":["Release No. IC-26375A","File No. S7-11-04"],"dockets":[],"document_number":"04-5374","effective_on":null,"end_page":11774,"executive_order_notes":null,"executive_order_number":null,"explanation":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2004/03/11/04-5374.xml","html_url":"https://www.federalregister.gov/documents/2004/03/11/04-5374/mandatory-redemption-fees-for-redeemable-fund-securities","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/04-5374?publication_date=2004-03-11","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2004-03-11/04-5374/mods.xml","not_received_for_publication":null,"page_length":13,"page_views":{"count":116,"last_updated":"2026-04-04 14:15:05 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2004-03-11/pdf/04-5374.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":null,"publication_date":"2004-03-11","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2004/03/11/04-5374.txt","regulation_id_number_info":{"3235-AJ17":{"issue":"200404","html_url":"https://www.federalregister.gov/regulations/3235-AJ17/mandatory-redemption-fees-for-redeemable-fund-securities","title":"Mandatory Redemption Fees for Redeemable Fund Securities","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=200404&RIN=3235-AJ17&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, Nonsignificant"}},"regulation_id_numbers":["3235-AJ17"],"regulations_dot_gov_info":{"checked_regulationsdotgov_at":"2011-11-12T11:04:32Z"},"regulations_dot_gov_url":null,"significant":false,"signing_date":null,"start_page":11762,"subtype":null,"title":"Mandatory Redemption Fees for Redeemable Fund Securities","toc_doc":"Redeemable fund securities; mandatory redemption fees","toc_subject":"Investment companies:","topics":["Investment companies","Reporting and recordkeeping requirements","Securities"],"type":"Proposed Rule","volume":69}