Morrison & Foerster

International top 30 position: 30
International 50 position (Asia-Pacific): 14

SEC accuses fund directors of breaching their valuation duties

In a case involving fair valuation of structured notes, the SEC signaled that when investment company fund boards delegate the responsibility to fair value portfolio securities, they must provide “meaningful substantive guidance” and continuously review the appropriateness of valuation methodologies. On 10 December 2012, the Commission announced charges against eight former members of the board of directors of several closed-end and open-end registered investment companies. The Commission alleges that the directors failed to properly fair value a majority of the funds’ portfolio holdings from January 2007 until August 2007. The funds’ investment adviser settled charges in 2011 based on the same set of facts.

Click on the link above to download this Morrison & Foerster briefing.

Sign in or Register to continue reading this article

Sign in

Register

It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer

 

Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.

 

Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.

 

Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Briefings from Morrison & Foerster

View more briefings from Morrison & Foerster

Browse This Firm’s

Overview

CityPoint
1 Ropemaker Street
London
EC2Y 9AW
UK

Global revenue 2011 ($m): 963.3
Global lawyers 2011: 1,026
Jurisdiction: US
No. of offices: 5
No. of qualified lawyers: 183 (International 50)