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June 14, 2001 Lori Richards, the director of the SEC's Office of Compliance Inspections and Examinations (OCIE) in a speech at an Investment Company Institute conference described problems that investment advisers are having in correctly valuing portfolio securities that do not trade on an active market. She suggested a number of practices that may improve the valuation process of such securities. Ms. Richards also noted that the OCIE staff in recent exams have fount that advisers are not always considering all of the execution alternatives when placing client trades. The SEC staff is expected to issue a report on best execution in the coming months. In addition, Ms. Richards stressed that adviser must disclose all conflicts of interest to their clients. To access a copy of Ms. Richards' speech, click http://www.sec.gov/news/speech/spch499.htm |
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