Amendments designed to enhance fund governance
Canadian Imperial Bank of Commerce will pay US$80 million to settle charges of aiding and abetting the Enron Corp. accounting fraud, the U.S. Securities and Exchange Commission said Monday. The SEC alleged that between June 1998 and October 2001, CIBC and Enron structured 34 financings as “asset sales” for accounting and financial reporting purposes, allowing […]
Proposes amendments to mutual fund disclosure rules
Alleges mispricing, insider trading in Heartland Advisors funds
Defendants deceived fund companies, shareholders
New rules aimed at eliminating potential for late trading
Former execs also charged in fund late trading and market timing schemes
New rules enhance transparency
Inadequate disclosure in mutual fund sales
Governance, ethics reforms must be upgraded