SEC to focus on fair value in alternative mutual funds

Fund managers need to ensure internal controls are up to the mark


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 oversight [and] will produce valuable insight into how alternative mutual funds attempt to generate yield

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