The culmination of the regulatory approach is Rule 22c-2 under the Investment Company Act of 1940. The Rule not only directs mutual fund boards to formally assess the need for redemption fees but also instructs funds to contract with intermediaries to receive underlying shareholder account data for the purposes of monitoring and stopping market timing. This TowerGroup Research Note examines the implications of Rule 22c-2 across the investment management industry. Note: Addressing stale pricing is one way to minimize the risk of market timing in a fund, but this report does not cover that topic.