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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USA
December 20 2012
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Veta T. Richardson
President
Association of Corporate Counsel
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