"The U.S. Securities and Exchange Commission moved to impose new rules on money managers to safeguard client holdings after Bernard Madoff’s $65 billion fraud shattered investor confidence.
SEC commissioners voted 5-0 today on a proposal that would subject investment advisers holding customer assets to surprise inspections by independent auditors. Some money managers would also face compliance audits to ensure they are adhering to securities laws."
Thursday, May 14, 2009
SEC Proposes New Money Managers Rules After Madoff Ponzi Scheme - Bloomberg.com: