Update: 'US CFTC says it can't halt Sentinel's redemptions'

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...because it doesn't have the authority to do so. In response to Sentinel's letter requesting it be allowed to halt (the massive number of) redemption requests recently received, a CFTC official told Reuters: "The CFTC has no authority in this area. This isn't something we do. We have no role in whether or not the company does this and whether the client accepts it." And probably would've like to have added, "We have no idea why Sentinel came to us with this request. This is highly unusual, 'this' being a money manager that doesn't know under which regulator it falls. Wow. Just 'Wow.' Also: 'embarassing'."
Note to any Sentinel investors who haven't yet asked for their money bank-- maybe now's the time?
US CFTC says it can't halt Sentinel's redemptions [Reuters]

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