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MFDF - Mutual Fund Directors Forum - Enforcement Cases in 2011

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Enforcement Cases in 2011

Morgan Lewis has issued a summary of 2011 SEC enforcement cases and developments pertaining to funds and advisers.  The summary noted that there was increase in cases against investment companies and investment advisers in 2011, resulting in a total of 146 actions representing a 30% increase over the cases in 2010.  Further, the summary points to actions in late 2011 involving specific initiatives from the Division of Enforcements asset management unit.  These actions involved fee arrangements, compliance programs, and hedge fund performance.    

The summary also outlines stated SEC priorities for investment companies and investment advisers, including: compliance programs and sub-advisory structure; mutual fund fee cases, including board oversight and the contract renewal process; and valuation of illiquid and hard to value assets.

Click here for the complete summary of 2011 actions.