|  | | 2008 News and Press Releases | | |
HEADLINE NEWS:
Investors Must Declare Sudan Divestitures: SEC
Jesse Greenspan
Portfolio Media, New York. April 30, 2008
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EXCERPT: The U.S. Securities and Exchange Commission said Tuesday that it had adopted rules requiring investment firms to report when they divest the assets of companies located in or doing business with Sudan. The rules were adopted in accordance with the Sudan Accountability and Divestment Act. “The Sudan Accountability and Divestment Act required the SEC to prescribe regulations requiring this disclosure by April 29, 2008.” Under the SEC's new rules, firms must disclose their divestments using Form N-CSR or Form N-SAR, both of which are used to file periodic reports. Firms are required to disclose the sale in the first report filed after the divestment. The SEC said it would provide a transition period until May 14 for disclosure of any divestments that occurred between Dec. 31 and April 30. |
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