IAA Today Archive

The SEC’s Division of Examinations has issued its examination priorities for 2022, which are in line with recent regulatory initiatives and rulemakings directed at advisers.

April 01, 2022

Keywords: BCP, Best Execution, Cybersecurity, Digital Assets, ESG, Examinations, Form CRS, Private Funds, Revenue Sharing, SEC Examinations, Technology, Wrap Fees, Zero Commissions

Categories & Topics: Compliance, Examinations

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

New Risk Alerts Focus on Wrap Fee Programs, Principal and Cross Trades

The SEC’s Division of Examinations has issued two risk alerts describing the staff’s observations resulting from initiatives on wrap fee programs (Wrap Fee Risk Alert) and principal and cross trades...

July 22, 2021

Keywords: Compliance Policies, Conflicts of Interest, Cross Trading, Disclosure, SEC Examinations, Wrap Fees

Categories & Topics: Brokerage & Trading, Business Ops/HR, Compliance, Conflicts, Examinations, Wrap Fee

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

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 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

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