SEC Announces First Enforcement Action Under Fund Liquidity Rule
The SEC has charged a fund’s adviser and independent trustees in the first enforcement action under the fund liquidity rule.
May 16, 2023
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Advisers Charged with Valuation, Compliance, Oversight Failures
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June 27, 2022
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
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
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
Statistics Point to Record-Setting Year for SEC
SEC Chairman Jay Clayton provided an update on the SEC’s results for the 2020 fiscal year during this year’s virtual SEC Speaks conference on October 8. He applauded the agency...
October 15, 2020
Adviser that Self-Reported Recapture of Waived Expenses to Pay Disgorgement But No Penalty
According to a recent SEC order, between January 2016 and February 2019, a Colorado-based investment adviser caused four money market funds that it advised to reimburse the adviser amounts that...
October 05, 2020