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Friday, March 06, 2009

The SEC Again Targets Reserve

News summary by MFWire's editors

The SEC is again investigating the Reserve. On Friday the Manhattan-based money fund shop revealed that the SEC's enforcement division may recommend "a civil injunctive and/or institute a public administrative hearing against Resrv Partners," Reserve's broker-dealer that distributes (and serves as principal underwriter for) Reserve's funds. The SEC notified Reserve earlier this week.

For the full story on the the death of the Reserve and its Primary Fund, see MFWire's timeline.

A spokesman for the SEC declined to comment.

Bruce Bent's team says they will "defend vigorously against the allegations" while intending "to cooperate fully with the SEC's staff regarding this matter."

An industry insider told MFWire that this possible action is unrelated to a warning the SEC gave the Reserve back in December about an investigation over unspecified "violations of certain provisions of the federal securities laws" allegedly committed by Reserve and its senior management (see MFWire, 12/24/2009).

Company Press Release

New York, March 6, 2009 – Resrv Partners, Inc. (“Resrv Partners”) is a broker-dealer registered under the Securities Exchange Act of 1934. It serves as the principal underwriter and distributor for the Reserve funds. On March 3, 2009, the staff of the U.S. Securities and Exchange Commission’s (“SEC”) Division of Enforcement informed counsel to Resrv Partners that it is considering recommending that the SEC bring a civil injunctive and/or institute a public administrative proceeding against Resrv Partners alleging violations of certain provisions of the federal securities laws. Resrv Partners expects to defend vigorously against the allegations.

Resrv Partners and the independent members of the Board of Trustees intend to cooperate fully with the SEC’s staff regarding this matter. 

Edited by: Neil Anderson, Managing Editor

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