Commission tells firms to fess up
Securities Commission counsel Liam Mason said that the companies that have not been named in public – understood to number around 12 – were told to tell their clients about the whole issue in the last week of January.
All have now done so, although the disclosure is to be something of an ongoing process, as the exact status of some of the investments has yet to be determined.
It is still not clear just how many investments are caught up in the issue, Mason says.
“A number of investments which may be affected are through other funds , wrap accounts and trusts.” The fund managers are still working out which of these are caught up in the imbroglio.
“It’s a tracking problem,” Mason says.
A further issue is that some of the longer term investments appeared to have complied with the law some years but not others.
The only companies which have been named so far are BT Funds Management, Edinburgh Funds Management, and Macquarie Equities.
The Securities Commission does not plan taking any further action, he says: however the firms concerned are keeping the commission up to date with their disclosure.
