The SEC has settled an enforcement action with a dually-registered investment adviser and broker-dealer for effecting over 200 fixed-income transactions on a riskless principal basis with advisory clients, without disclosing to the clients in writing before the completion of each transaction the capacity in which it was acting and obtaining transaction-by-transaction client consent.
The SEC’s Division of Examinations has issued two risk alerts describing the staff’s observations resulting from initiatives on wrap fee programs and principal and cross trades in fixed income securities.
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