The SEC settled charges with two investment advisers to a closed-end fund based on allegations that the advisers failed to adequately disclose a change in investment strategy to the fund’s board and its investors. The SEC...more
10/22/2015
/ Board of Directors ,
Civil Monetary Penalty ,
Compensatory Damages ,
Credit Default Swaps ,
Derivatives ,
Disclosure Requirements ,
Failure To Disclose ,
Investment Adviser ,
Joint and Several Liability ,
Misrepresentation ,
Neither Admit Nor Deny Settlements ,
Offering Documents ,
Proposed Regulation ,
Securities and Exchange Commission (SEC) ,
Shareholders
The SEC recently adopted rule amendments removing credit rating references in Rule 2a-7 and Form N-MFP. Issuer diversification provisions were also amended to eliminate a current exclusion for securities subject to a...more
9/25/2015
/ Amended Regulation ,
Asset Diversification ,
Board of Directors ,
Credit Ratings ,
Duty to Monitor ,
Guarantors ,
Money Market Funds ,
New Guidance ,
NRSRO ,
Risk Assessment ,
Securities and Exchange Commission (SEC)
The SEC charged a registered investment adviser and its principal with misleading a mutual fund’s board about the adviser’s portfolio management trading capabilities. The SEC said the adviser misled the board at two meetings...more
In a case involving fair valuation of structured notes, the SEC signaled that when investment company fund boards delegate the responsibility to fair value portfolio securities, they must provide “meaningful substantive...more