SEC Gives Reprieve on Reaching Katrina-Ravished Investors

Fund companies that owe investors in the Gulf region financial documents but cannot reach them due to the ravages of Hurricane Katrina have gotten a reprieve from the Securities and Exchange Commission, Denver Post reports.

The SEC has granted a 90-day mailing reprieve, retroactive to Aug. 29, for areas where mail has been suspended. The U.S. Postal Service is not delivering direct mail to areas hit by the hurricane, but it is making efforts to deliver Social Security and payroll checks. In the meanwhile, it has asked displaced residents to fill change of address forms, and so far, about 100,000 people have filled out such forms.

The Investment Company Institute welcomed the extension. "We are entering a window where we will see a lot of annual reports, [so reaching investors in the South] is going to be a real problem," said Chris Wloszccyna, ICI spokesman.