The U.S. Securities and Exchange Commission (SEC) issued an order commencing an administrative proceeding against the former members of the boards of directors (Boards) of five registered investment companies on December 10, 2012, charging them with alleged violations of the Boards’ respon-sibilities to fair value portfolio securities for which market quotations were not readily available (RMK Board Proceeding).1
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RegisterSEC focuses on fair valuation in recent enforcement cases
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USA
December 20 2012
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Christopher R. Merritt
Legal Counsel
Safran USA Inc
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