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Mutual Funds to Face More SEC Scrutiny

Failure of Third Avenue high-yield bond fund brings mutual funds, ETFs, and hedge funds under close watch in 2016.

By Dave Michaels, Bloomberg | Updated on January 11, 2016

U.S. market regulators are intensifying their scrutiny of assets that can be hard to sell in stressed markets after the failure of a high-yield bond fund overseen by Third Avenue Management LLC.

The Securities and Exchange Commission (SEC) said in an annual statement on its exam priorities released Monday that it plans to scrutinize how mutual funds, exchange-traded funds (ETFs), and hedge funds value these less-liquid holdings and manage the risk that they can’t be sold when managers need the cash. The SEC said its examiners also plan to review the role of brokers that match buyers and sellers for less-liquid investments.

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