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Fund Directors Charged in Recent SEC Enforcement Case Targeting Valuation
14 December 2012
Earlier this week, the SEC brought an enforcement action against eight mutual fund directors for failing to oversee the valuation processes and procedures for securities held by the funds.
This action follows other recent valuation actions and demonstrates the SEC's continued prioritization of asset valuation investigations. The action also demonstrates the SEC's willingness to charge senior fund officials with failing to ensure the fair valuation of hard-to-value securities.
Fund directors and senior management should anticipate increased SEC scrutiny in the area of valuation, and should take steps to ensure that valuation policies and procedures are adequate and are strictly followed by fund personnel.
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