SEC set to probe Fidelity over gifts and entertainment

Tuesday 26 July 2005 at 16:00

The Securities and Exchange Commission, the US regulator, is considering civil action against Fidelity Investments, one of the world's largest asset managers, for violating rules covering gifts from brokers.

The SEC has sent Fidelity a so-called Wells Notice, a warning that its staff is considering recommending action, the Boston-based company said in a statement.