SEC Throws Up On Third Avenue's Gating Plan (Then Folds)

Update: The SEC Folds:

  • SEC PERMITS TEMPORARY SUSPENSION OF THIRD AVENUE REDEMPTIONS
  • THIRD AVENUE WILL BE SUBJECT TO ONGOING SEC OVERSIGHT
  • SEC SAYS IT REQUIRED FUND TO PUT IN PLACE INVESTOR PROTECTIONS

As Bloomberg reports, Third Avenue Management LLC received approval from U.S. regulators to temporarily suspend redemptions from its $788.5 million high-yield bond fund.

Prepare For Peso Plunge: Argentina Lifts Currency Controls

Late last month, Argentina voted to throw out the Peronists. In what amounted to a sharp rebuke of Cristina Fernandez de Kirchner's handling of the economy (among other things) Mauricio Macri defeated Daniel Scioli, Kirchner’s hand-picked successor, ushering in what the market hopes will be a new era for a country plagued by persistently high inflation and slumping growth. 

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