SEC finds pricing data service lacked important disclosures (IGNITES)
FrontLine Compliance
The SEC fined Bloomberg for failing to notify clients about material information related to its BVAL pricing service. For a period of over six years, customers such as mutual funds using the BVAL service were not told that valuations for certain thinly traded fixed-income securities could be derived from a single data input instead of the proprietary algorithmic methodology that was disclosed. FrontLine’s Founder and President Amy Lynch, exclusively quoted, explains that Bloomberg clients pulling…
