Today's agreement between Putnam and the SEC provides some preliminary measures to address certain of the issues raised in the actions filed against Putnam. However, these measures represent only a starting point for needed industry reforms in fund governance and oversight and do not address crucial issues involving restitution to fund holders, fines and penalties.
We absolutely look forward to working with the SEC as a partner in this, ... We need them to come in strongly, aggressively. They understand the problem. They've been our partners. I look forward to working with them.
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