IAA Today Archive

Adviser Charged with Investing Client Assets in More Expensive Share Classes to Avoid Paying Transaction Fees

The SEC is suing a Missouri adviser for allegedly investing client assets in expensive mutual fund share classes to avoid paying transaction fees.

October 06, 2021

Keywords: Conflicts of Interest, SEC Enforcement, Share Class Disclosure, Wrap Fees

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

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

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

Keywords: Disclosure, SEC Enforcement, Share Class Disclosure

Categories & Topics: Business Ops/HR, Registered Funds

SEC Enforcement Breaks Records for Total Disgorgement, Penalties, and Whistleblower Awards

The SEC’s Division of Enforcement’s 2020 annual report shows a record in total monetary remedies during the fiscal year (FY) ended September 30, 2020 of $4.680 billion, as compared to...

November 05, 2020

Keywords: Fees and Expenses, Insider Trading, MNPI, SEC Enforcement, Share Class Disclosure, Wrap Fees

Categories & Topics: Business Ops/HR, Compliance, Insider Trading, Wrap Fee

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 Charges Dual-Registrant in Connection with Share Class Disclosures and Principal Trading Violations

SEC Charges Dual-Registrant in Connection with Share Class Disclosures and Principal Trading Violations November 25, 2019   The SEC filed a complaint against a Massachusetts-based dual-registrant for failing to disclose...

November 25, 2019

Keywords:  Dual Registrant, Massachusetts, SEC Enforcement, Share Class Disclosure

Categories & Topics: Brokerage & Trading, Business Ops/HR, Compliance, Enforcement