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Rating:Every Fundster Has a Plan Until They Get Punched In the Face Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, April 19, 2016

Every Fundster Has a Plan Until They Get Punched In the Face

News summary by MFWire's editors

"To quote Mike Tyson, 'everyone has a plan until they get punched in the face.'"

Marc Wyatt
U.S. Securities and Exchange Commission
Director - OCIE
Dave Michaels of the Wall Street Journal reports that on Thursday Marc Wyatt, director of the compliance and examinations division of the SEC, shared that tidbit and more at an SEC advisory committee meeting. Wyatt reviewed reviewed his unit's recent flash sweep of about 80 junk bond mutual funds and ETFs in the wake of the high-profile collapse of the Third Avenue Focused Credit Fund in December.

If you're a fundster with wares that focus on, or at least invest a bit in, high-yield bonds or similar investments like bank loans, you can now rest a little easier. Per Wyatt's remarks to the WSJ, the SEC's examiners "haven't seen anything" that indicates that other funds are facing the same risks that took down the Third Avenue fund.

"If we saw something that would have been systemic or widespread, we certainly would have gotten that out," Wyatt tells the WSJ

Edited by: Neil Anderson, Managing Editor

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