The Securities and Exchange Commission issued a temporary order and notice regarding an application from The Toronto-Dominion Bank and others for exemption from certain provisions of the Investment Company Act due to guilty pleas by TD Bank US Holding Company and TD Bank, N.A., related to anti-money laundering failures. The application seeks to exempt Epoch Investment Partners and other affiliated entities from disqualification rules that would negatively impact their ability to provide investment services to funds. The applicants argue that the misconduct was limited to certain entities and didn't involve Epoch, and they have taken steps to improve compliance practices. The temporary order allows them to continue services until a decision on a permanent order is made.
Simple Explanation
In a story about banks, the Securities and Exchange Commission told The Toronto-Dominion Bank and its friends that they could keep doing their job of helping people with their money while they wait to see if they can get special permission. This is because some of their friends made a mistake with money rules, but the bank said it wasn't them, and they want to keep helping people while they fix things.