List of Fund Managers remaining after SEC mass license revocation

November 11, 2019

The Securities and Exchange Commission last Friday revoked the licenses of 53 fund management companies citing several regulatory breaches.

A press release issued by SEC said the companies among other things failed to honour clients’ redemption requests, placed funds in unregulated investments, used clients’ funds to fund related parties’ activities.

Out of the 53 companies, 21 had already ceased operations with the remaining 32 still in operation at the time their licenses were revoked.

Following the mass license revocation, SEC published a list of the outstanding fund management companies on its website. Although 83 fund managers remain after the clean-up, SEC stated that there are 11 companies that have unresolved issues with the regulator.

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