SEC Proposes Rules on Advisers’ Use of Technology
On Wednesday, the SEC proposed rules addressing conflicts of interest associated with the use of predictive data analytics by advisers and broker-dealers in investor interactions.
July 27, 2023
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Adviser, Principals Fined for Charging Clients Fees Without Providing Advice
A Michigan-based investment adviser and two of its principals are paying more than $900,000 to settle SEC charges related to a breach of their fiduciary duties and failing to disclose conflicts of interest.
October 05, 2021
SEC Brings More Revenue Sharing Disclosure Cases
Revenue sharing disclosure violations are at the heart of two new enforcement actions by the SEC.
August 17, 2021
SEC Adds Lack of Disclosure of Margin Interest Mark-Ups to Share Class-Related Violations
The SEC has fined a Connecticut-based dual-registrant for breaches of fiduciary duty in connection with advising clients to purchase and hold mutual fund share classes that charged 12b-1 fees when lower cost fund shares were available.
August 04, 2021
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 and principal and cross trades in fixed income securities.
July 22, 2021
Adviser to Pay $97 Million in Connection with Rollover Conflicts
A New York-based firm dually registered as an investment adviser and broker-dealer has agreed to pay $97 million to settle charges by the SEC and the New York Attorney General’s office (NYAG) that it made inaccurate and misleading statements and failed adequately to disclose conflicts of interest in connection with thousands of rollover recommendations.
July 13, 2021
SEC Fines Adviser for Undisclosed Third-Party Loans to its IARs
The SEC brought an enforcement action against an Arizona-based investment adviser for failing to disclose to clients the existence of and conflicts of interest created by loans its IARs received from a third-party broker-dealer, an investment adviser affiliated with the broker-dealer, and their parent company.
June 15, 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.
January 05, 2021