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Rating:Fidelity Airs Views to SEC Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, March 12, 2003

Fidelity Airs Views to SEC

by: Sean Hanna, Editor in Chief

Fidelity Investments is unhappy with fund firms disclosing fund information to consultants and other third parties ahead of their regulatory filings. The Boston Behemoth is concerned enough about the issue that it sent a letter to the SEC dated February 27 expressing its views on the matter, reported the Boston Herald this morning.

The letter stated that the disclosure of data to insiders, consultants and other third parties prior to disclosure to the general public creates opportunities for front running of the funds.

"As mutual funds' assets have grown, the potential profits to be made by trading against mutual funds - at the expense of fund shareholders - have grown as well. Because of the potential for harm to shareholders with little clear benefit, we believe disparate disclosure of holdings information is rarely justified," read the letter as published in the paper.

The missive appears to be a response the growing call for funds to disclose their portfolios more than twice a year. Fidelity already releases it top holdings on a monthly basis with a delay. It would prefer that if funds were mandated to release portfolio data on a quarterly basis, that they only be required to disclose their top holdings rather than the portfolio in its entirety. Fidelity is also seeking a requirement that funds be required to delay the disclosure for a minimum period of time.  

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