New SEC Enforcement Unit Will Focus on Mutual Fund Fees

The Securities and Exchange Commission’s Division of Enforcement has established an Asset Management Unit to focus on mutual funds, private funds and investment advisors, the division’s director Robert Khuzami said Wednesday in a prepared statement before the Senate Committee on the Judiciary. Khuzami was testifying about the agency’s enforcement initiatives.

“Our Asset Management Unit, focused on mutual funds, private funds and investment advisors, has developed several initiatives targeting disclosure, performance and valuation by funds and their advisors,” Khuzami said. He cited the unit’s Bond Fund Initiative, which focuses on disclosure and valuation issues in mutual fund bond portfolios in collaboration with other divisions and offices within the SEC.