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
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
President Trump has signed into law the Holding Foreign Companies Accountable Act to restrict the ability of foreign issuers to trade on U.S. exchanges if their auditors are not inspected...
December 21, 2020
Adviser Fined in Connection with Disclosure of Share Classes Used by Model Provider
The SEC has settled charges against a Nebraska-based dual-registrant in connection with share class selection disclosures. Although the firm was eligible to, but did not, self-report as part of the...
December 21, 2020
SEC Proposes Updates to Fund Disclosure Framework
As part of its investor experience initiative, the SEC has proposed an updated disclosure framework for mutual funds and ETFs. The proposal includes the following components: Streamlined Fund Shareholder Report:...
August 11, 2020
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