IAA Today Archive

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

SEC Adopts Amendments to Shareholder Proposal Rule, Raising the Bar for Submission and Resubmission of Shareholder Proposals

In a 3-2 vote, the SEC has adopted amendments to the rule regarding the process for including shareholder proposals in issuers’ proxy statements, making it more difficult for shareholders to...

October 02, 2020

Keywords: 12b-1 Fees, Best Execution, Conflicts of Interest, Money Market Fund, Mutual Funds, Revenue Sharing, SEC Enforcement, Share Class Disclosure

Categories & Topics: Business Ops/HR, Proxy Voting

SEC Fines Adviser $40 Million for Lack of Disclosure in Connection With Teachers’ Retirement Plans and Share Class Selection

The SEC has fined a Texas-based investment adviser a total of $40 million in two enforcement actions regarding failures to disclose certain practices by the adviser in connection with teacher...

August 11, 2020

Keywords: 12b-1 Fees, Best Execution, Conflicts of Interest, Jay Clayton, Mutual Funds, Retirement Plans, Revenue Sharing, SEC Enforcement, Share Class Disclosure, Wrap Fees

Categories & Topics: Compliance, Conflicts, Enforcement

PA Adviser, Principals Face Share Class Selection and Disclosure Charges

The SEC has filed a complaint against a Pennsylvania-based investment adviser and its principals charging them with breaches of fiduciary duty in connection with the adviser’s mutual fund share-class selection...

May 19, 2020

Keywords: 12b-1 Fees, Best Execution, Conflicts of Interest, SEC Enforcement, Share Class Disclosure

Categories & Topics: Compliance, Conflicts, Enforcement