SEC to focus on fair value in alternative mutual funds
Alternative mutual fund managers need to ensure their internal controls are up to the mark, as the US regulator begins a wide-ranging investigation
Earlier this year, the Securities and Exchange Commission's Office of Compliance Inspections and Examinations (OCIE) announced a "sweep" examination of alternative mutual funds. The first phase of the probe will target 15 to 20 funds and, according to a June 2014 speech by Norm Champ, the director of the SEC's division of investment management, it will focus on "liquidity, leverage and board
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