In the Margins

SEC grants temporary reprieve on auditor replacement

June 22, 2016

By The Wall Street Journal

Mutual funds won’t be forced to replace their auditors, at least for now, while regulators work to resolve a dispute over whether some auditors have violated conflict-of-interest rules. In a letter to Fidelity Management & Research Co., the Securities and Exchange Commission granted a temporary reprieve, which “will expire 18 months from issuance.” The step gives the SEC more time to devise a comprehensive solution to the issue, said Susan Wyderko, president and CEO of Mutual Fund Directors Forum. Read the original story from The Wall Street Journal