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Rating:SEC Warns Funds Not to Use 22c2 Info for Marketing Not Rated 3.0 Email Routing List Email & Route  Print Print
Tuesday, September 04, 2007

SEC Warns Funds Not to Use 22c2 Info for Marketing

Reported by Armie Margaret Lee

The SEC is reminding mutual fund firms that they cannot use 22c-2 information to market without first allowing intermediaries' clients a chance to opt out. The regulators sent the reminder in the form of a letter to the ICI in August. A copy of the letter was obtained by the MFWire.com and can be downloaded here.

The Securities and Exchange Commission's reminder letter to the Investment Company Institute is dated August 21 but only was picked up in media reports Tuesday.

The SEC addressed the letter to ICI acting general counsel Mary Podesta. It follows a Wall Street Journal article by reporter Daisy Maxey that suggested that funds may use the shareholder identity and trading information they get from intermediaries under Rule 22c-2 for marketing purposes.

In the letter, Robert Plaze, associate director of the SEC's Division of Investment Management, reminded fund firms that funds use or disclosure of Rule 22c-2 information is not allowed under the Gramm-Leach-Bliley Act's privacy rules, unless the intermediaries' clients have been notified and given the opportunity to opt out of the information sharing. 

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