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SEC Probe of Money Managers Should Also Include FINRA

Posted by Larry Doyle on September 13th, 2010 10:11 AM |

In reading a Bloomberg commentary this morning, I could not help but think that policy implementations the SEC would like to impose upon money managers also need to be imposed in retrospect upon its regulatory kin at the Financial Industry Regulatory Authority (FINRA).  Let’s navigate. Bloomberg writes, SEC Probes Money Managers for Conflicts in Choosing Hedge Funds:

The U.S. Securities and Exchange Commission, stepping up its oversight of investment advisers, is examining whether asset managers that channel money to hedge funds are acting in investors’ best interest.

The agency asked money managers for information about their “due diligence” in selecting alternative investments such as hedge funds, private equity and venture-capital funds, according to a letter from the SEC’s Office of Compliance Inspections and Examinations obtained by Bloomberg News.

Longtime readers of Sense on Cents are well aware that in my reading and review of FINRA’s 2007 Annual Report (embedded in this link), I asked for information and disclosures regarding FINRA’s own internal investment portfolio. (more…)






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