Retirement fund managers, small-investor advocates, and plan sponsors are having a very hard time with the Securities and Exchange Commission's (SEC's) hard close proposal.

The proposal was unveiled by the SEC last fall. The comment period ended February 14, and the comments did indeed pour in.

In essence, the commission's "swing price/hard close" proposal, which was first introduced 20 years ago, is designed to bring order to potentially disorderly investor responses to an economic earthquake. Opponents say it gives large investors yet another advantage over "mainstream" investors without really fixing an existing problem.

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Dan Cook

Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.

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