SEC Targets Another Fund Board in Recent Enforcement Case

May 23, 2013

The U.S. Securities and Exchange Commission (“SEC”) recently issued an Order Instituting Proceedings (“Order”) against the administrator and compliance services provider, as well as current and former members of the boards of trustees, of two registered investment companies in connection with alleged disclosure, reporting, recordkeeping, and compliance violations. The entities and individuals agreed to settle the SEC’s charges without admitting or denying the SEC’s allegations, which focus in large part on disclosures made surrounding the approval and renewal of the investment companies’ advisory contracts by the boards of trustees.

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