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"Its clearly an area that were focusing on," said the executive, Paul Roye, leader of the SECs division of investment management. "Weve contacted most of the fund groups in the country on this very issue."
Funds typically open up their portfolios only a few times a year, and by law must do so at least twice, but the SEC is looking into whether certain clients became privy to the information much more often than that. Roye said the situation "could involve insider trading," and added that "it raises issues about fiduciary duty."