IAA Today Archive

SEC Publishes Examination Priorities for 2022

The SEC’s Division of Examinations has issued its examination priorities for 2022, which are in line with recent regulatory initiatives and rulemakings directed at advisers.

April 01, 2022

Keywords: BCP, Best Execution, Cybersecurity, Digital Assets, ESG, Examinations, Form CRS, Private Funds, Revenue Sharing, SEC Examinations, Technology, Wrap Fees, Zero Commissions

Categories & Topics: Compliance, Examinations

In Revenue Sharing Case, SEC Highlights Failure to Consider Other Money Market Funds for Cash Sweeps

Adviser Pays Over $760,000 to Settle Charges In yet another case involving cash sweep accounts, the SEC has fined a New York-based adviser in connection with failing to disclose revenue...

October 06, 2021

Keywords: Conflicts of Interest, Revenue Sharing, SEC Enforcement

Categories & Topics: Compliance, Enforcement

SEC Brings More Revenue Sharing Disclosure Cases

Revenue sharing disclosure violations are at the heart of two new enforcement actions by the SEC. In the first case, the SEC found that a Missouri-based adviser provided inadequate disclosures...

August 17, 2021

Keywords: Conflicts of Interest, Disclosure, Revenue Sharing, SEC Enforcement

Categories & Topics: Compliance, Conflicts, Enforcement

Massachusetts Adviser Pays Over $1.9 Million to Settle Charges of Inadequate Disclosure of Revenue Sharing in Connection with Cash Sweep Bank Accounts

In another sign of its focus on conflicts relating to cash sweep accounts, the SEC has fined a Massachusetts-based investment adviser for disclosure failures in connection with conflicts arising from...

July 20, 2021

Keywords: Conflicts of Interest, Revenue Sharing, SEC Enforcement

Categories & Topics: Compliance, Conflicts, Enforcement

Boston Firm Pays Over $1.85 Million to Settle Share Class Charges

In its latest enforcement case involving adviser selection and disclosure of conflicts arising from sales of mutual fund shares, the SEC has fined a Boston-based dual-registrant for breaches of fiduciary...

February 22, 2021

Keywords: 12b-1, Revenue Sharing, SEC Enforcement, Share Class Disclosure

Categories & Topics: Business Ops/HR, Registered Funds

Dual-Registrant Pays Over $18 Million to Settle Charges Related to Wrap Fee Program Fees, Monitoring

The SEC has fined a New Jersey-based dual-registrant over $18 million for breaches of fiduciary duty to advisory clients that participated in the firm’s wrap fee programs. The charges relate...

January 05, 2021

Keywords: 12b-1 Fees, Best Execution, Conflicts of Interest, Disclosure, Fees and Expenses, Mutual Funds, Revenue Sharing, SEC Enforcement, Share Class Disclosure, Wrap Fees

Categories & Topics: Business Ops/HR, Compliance, Conflicts, Registered Funds, Wrap Fee

Dual-Registrant Pays Over $20 Million to Settle Share Class, Cash Sweep, and Illiquid Alt

The SEC has fined an Iowa-based dual-registrant over $20 million in connection with “disclosure failures and misleading statements to clients” arising from share class selection, revenue sharing, and compensation practices...

December 28, 2020

Keywords: 12b-1 Fees, Conflicts, Disclosure, Registered Funds, Revenue Sharing, SEC Enforcement, Share Class Disclosure, Trading

Categories & Topics: Brokerage & Trading, Business Ops/HR, Compliance, Conflicts, Registered Funds

Louisiana Adviser Pays $2.3 Million to Settle Share Class Selection, Revenue Sharing, Other Charges

The SEC has brought an enforcement action against a dually-registered investment adviser and broker-dealer in connection with placing clients in fund share classes between January 2014 and May 2017 that...

October 05, 2020

Keywords: 12b-1 Fees, Revenue Sharing, SEC Enforcement, Share Class Disclosure

Categories & Topics: Compliance, Enforcement