NU Online News Service, Dec. 5, 2003, 7:37 p.m. EST – DALBAR Inc., Boston, has published a commentary blasting a move by the U.S. Securities and Exchange Commission to require a 4 p.m. cutoff for mutual fund orders.[@@]

SEC officials says the proposed rule will keep well-connected investors from getting special treatment at the expense of other investors, but Louis Harvey, DALBAR’s president, writes in the commentary that the rule will probably backfire.

The 4 p.m. also will be very expensive to implement, and it will lead to major disruption of mutual fund trading activities, Harvey says.