Will we satisfy our fiduciary obligations by obtaining and reviewing copies of the relevant sections of an issuers annual report on Form 10-K and quarterly report on Form 10-Q?
We generally expect that securities professionals such as investment advisers will familiarize themselves with periodic material information about Y2K preparedness when considering recommending particular securities. The Commission has made considerable efforts to encourage issuers of securities subject to the reporting requirements of the federal securities laws to provide the market with information about their Y2K preparedness. We recognize, however, that not all issuers provide Y2K readiness in their reports with the SEC. We also recognize that not all issuers file reports with the SEC, and no current public information may be available with respect to certain securities, such as municipal securities, fixed income products, or securities of private issuers. In all cases, the nature of the inquiry that would satisfy an adviser’s fiduciary obligation, or its duties under its advisory contract, would depend on a number of factors, including the size of the position it recommends clien
