Fund Directions - SEC 10f-3 Rule Makes Extra Work

SEC 10f-3 Rule Makes Extra Work

Boards will take on more oversight work in the area of Rule 10f-3 once the Securities and Exchange Commission requirements to reduce reliance on credit ratings become effective November 12. The SEC is requiring the elimination of references to NRSRO credit ratings, which allow a fund to purchase securities from an affiliate if it has one of the three highest credit ratings. Boards will now have to amend their 10f-3 procedures to include the new definition of what is an eligible security.

Under the amended rule, the definition of an 'eligible municipal security' will include those that are sufficiently liquid, can be sold in ...

To read this article, please subscribe or take a free trial.

Subscribe Subscribers have unlimited access to all current content, email alerts and breaking news. Start your subscription today - click on the button below. Subscribe		Free Trial Taking a free trial will give you access to the current issue, email alerts and breaking news for a limited period. Start your free trial today. Free Trial

Already Have An Account? Username: Password: Remember Me

The Trusted Voice of Fund Trustees

SEC 10f-3 Rule Makes Extra Work