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SEC’s Placement Agent Probe Continues

Posted in Kentucky, SEC

Since the SEC passed its pay-to-play rule in June, the feds have clearly been looking for a target to “make an example out of” as a way of showing they are serious about pay-to-play. A sacrificial lamb appears to have been found. Recently, the SEC opened an “informal inquiry” into the Kentucky Retirement Systems’ (“KRS'”) use of placement agents as a result of one of KRS’s own internal audits. KRS oversees a $12.5 billion fund for state and county retirees.