2/20/2010 5:02 PM American Funds Sells Shares in Supporter of Genocidal Regime in Dufur
ANTI-GENOCIDE GROUP WINS OVER AMERICAN FUNDS
Mutual Fund Wire | February 18, 2010
Investors Against Genocide-IAG just won its second big victory in the mutual fund world. On Wednesday the Boston-based advocacy group revealed that Capital Group has sold most of the Americans Funds' holdings in Petrochina, worth a total of $190 million.
The Investors Against Genocide-IAG already won over TIAA-CREF last year, yet the group has not managed to win the proxy votes it has started. (PetroChina has been linked to the allegedly genocidal regime ruling Sudan.)
"We see now that American Funds was listening," stated Eric Cohen, chairperson of IAG. "We trust that, going forward, American Funds will promptly apply their human rights policy to avoid other cases of investments that substantially contribute to genocide." Capital Group offers an online overview of American Funds' take on human rights and investing. Go to their website.
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1/29/2010 5:57 AM SEC Collaborating on Broker/Dealer, Advisor Exams...Revealing
Schapiro: SEC Collaborating on Broker/Dealer, Advisor Exams - New OCIE director to focus on ways to better integrate B/D, advisor, mutual fund exams: Melanie Waddell 1/27/2010
SEC Chairman Mary Schapiro told chief compliance officers attending the Commission’s second CCOutreach national seminar at SEC headquarters in Washington January 26 that since more and more firms registered with the SEC are either dually registered as broker/dealers and investment advisors, or have affiliates that represent each type of firm, the SEC has begun “much greater collaboration between the broker/dealer and advisor examination programs, resulting in successes at uncovering wrongdoing and determining the full nature and extent of fraudulent schemes.” Recent enforcement actions have included failure to disclose material conflicts of interest, Ponzi schemes, fraudulent investment schemes, illicit trading on behalf of customers, insider trading, and improper valuation of client accounts.
Schapiro noted that Carlo DiFlorio, the new director of the SEC’s Office of Compliance Inspections and Examination (OCIE), plans to “think about ways we can better integrate our examinations of investment advisors, broker/dealers, and mutual funds.” Schapiro also said the SEC continues its search for staff with expertise in particular areas and also bolstering its training programs. She said SEC examiners are receiving “regular and relevant training,” with more than 300 becoming certified fraud examiners last year alone.
The Commission is also “seeking input from staff with expertise in areas where risk-targeted examination sweeps might uncover fraudulent acts – or might provide valuable insight on strong compliance practices,” Schapiro said. For instance, SEC staff is currently conducting an examination sweep targeting more than 50 registrants across the U.S. and the UK, she said. The sweep “focuses on the manner in which investment advisors that manage CDOs, hedge funds, and other vehicles that hold asset-backed securities and other structured products have managed those assets under the ongoing stresses of the credit market.”
Source" Investment Advisor Newsletter A Summit Business Media publication
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