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UPDATE 1-Woodford fund managers used "flawed" EU rules, Britain's FCA chief says [Reuters (UK)]

Northern Trust Corporation (NTRS) 
Last northern trust corporation earnings: 4/21 07:29 am Check Earnings Report
Company Research Source: Reuters
Woodford fund managers used 'flawed' EU rules, Britain's FCA chief says - Reuters 2 Min Read LONDON (Reuters) - Managers at Neil Woodford’s suspended flagship fund were using “flawed” European Union rules to the full, Financial Conduct Authority Chief Executive Andrew Bailey said on Tuesday as he faced questions over the British regulator’s role. “They were using the rules to the full and they were not telling us they were doing that,” Bailey told parliament’s Treasury Select Committee. Retail investors were left unable to get their cash out of the fund run by Woodford, one of Britain’s most high-profile money managers, after it suspended withdrawals in early June following a rise in redemptions. Bailey told lawmakers it was right to suspend the fund, but this would have been done earlier if the “flawed” European Union rules for funds were based on principles. The FCA has opened a formal investigation into events surrounding the suspension and the listing of some of the funds’ assets Show less Read more
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