The industry's got some explaining to do with regards to Puerto Rico investments.

The Wall Street Journal reports that the regulator is canvassing the industry over their positions in the debt of the financially troubled municipality. Firms questioned including OppenheimerFunds and Franklin Templeton Investments and Nuveen.

The newspaper reports that the questions included lists of net assets, accounting of firm's exposure to Puerto Rico debt, trading of the debt, how they are meeting redemptions, as well as communications with shareholders. 

Edited by: Tommy Fernandez


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