On the heels of a group of recent settlements of charges relating to record-preservation practices at large brokerage firms, the SEC is turning its attention to investment advisers – conducting an enforcement sweep of record-retention practices at large advisers of all types.
The SEC and the CFTC have settled charges against an investment adviser of a mutual fund that is also registered as a commodity pool operator for materially misleading investors about risk management procedures and failing to manage the fund’s risks consistent with the fund’s prospectus and other representations.
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