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MFS Beefs Up Compliance, Cuts Ties to Former Execs

Firm replaces key officers in wake of SEC settlement.

On the heels of its market-timing and late-trading settlement with the Securities and Exchange Commission and two states' regulators, MFS announced Monday that it has hired a new general counsel and chief compliance officer.

Jeffrey N. Carp, previously a senior partner at the law firm of Hale and Dorr, LLP in Boston, will head MFS' legal department. He has represented other Boston-area fund companies and specializes in mutual fund, securities, and corporate law. He will oversee, among other things, the prospectus language of MFS' mutual funds. The SEC took issue with the funds' previous prospectus disclosure on market-timing, which suggested such fast trading wouldn't be allowed.

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