Mutual Fund Investor Confidence Restoration Act of 2003

[AI summary unavailable — showing source text] Mutual Fund Investor Confidence Restoration Act of 2003 - Directs the Securities and Exchange Commission (SEC) to revise securities regulations to require: (1) an open-end management investment company to make specified mutual fund cost disclosures in its periodic report to shareholders, including costs, fees, expenses and compensation, in a manner that facilitates comparison among different companies; and (2) an independent audit of such disclosures and certification by the investment adviser and the chairman of the board of directors of such company. Amends the Investment Company Act of 1940 (ICA) to require the investment adviser to a registered investment company to report at least annually to the company board of directors regarding certain revenue sharing arrangements and directed brokerage arrangements. Imposes a fiduciary duty upon the company's board of directors to: (1) see that the company's investment adviser's direction of brokerage transactions serves the best interests of company shareholders; and (2) determine that revenue sharing arrangements serve the best interests of company shareholders. Amends the Securities Exchange Act of 1934 to require a broker's written d…