New SEC Share Class Disclosure Cases Involve Wrap Fee Programs, Expense-Sharing Agreement
The SEC has fined a previously-registered adviser over $1 million for alleged breaches of fiduciary duty.
September 03, 2021
SEC Charges Hedge Fund Sub-Adviser for Causing Brokers to Violate Regulation SHO
The SEC has fined a Toronto-based investment adviser, the adviser’s principal, and its trader for causing brokers to violate Regulation SHO and for causing a hedge fund sub-advised by the adviser to act as a dealer without registering with the SEC.
September 01, 2021
Tags: Hedge Funds, Short Selling
Adviser Pays $300K to Settle Proprietary ETF Disclosure Charges
The SEC has fined a San Francisco-based digital adviser for failing to adequately disclose the adviser’s conflicts of interest relating to investing client assets into new ETFs sponsored by the adviser’s parent company.
August 24, 2021
Tags: Conflicts of Interest, ETFs
SEC Issues Interim Updates to Whistleblower Procedures
The SEC adopted amendments to its Whistleblower Program rules in September 2020 that address the criteria for making an award where another agency’s whistleblower program may apply to an action as well as for determining an appropriate award amount.
August 24, 2021
Tags: Elad Roisman, Gary Gensler, Hester Peirce, SEC Enforcement
Industry Updates SEC on Move to Shorten Settlement Cycle
The ICI, SIFMA, and DTCC have sent a letter to SEC Chair Gary Gensler to provide an update on the industry’s progress on T+1.
August 23, 2021
Tags: Trading
SEC’s Gensler Discusses Gaps in the Regulation of Digital Assets
In a recent speech before the Aspen Security Forum, SEC Chair Gary Gensler raised investor protection concerns in connection with digital assets and called on Congress to provide the SEC and other regulators with authority to “write rules and attach guardrails” to trading and lending in digital assets.
August 17, 2021
Tags: Digital Assets, Gary Gensler
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
Tags: Conflicts of Interest, Disclosure, Revenue Sharing, SEC Enforcement
SEC, ECB Sign Agreement for Oversight of Security-Based Swap Dealers
In their first Memorandum of Understanding, the SEC and the European Central Bank have agreed to cooperate and exchange information related to security-based swap dealers and major security-based swap participants that are registered with the SEC and supervised by the ECB.
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
Tags: Conflicts of Interest, Disclosure, SEC Enforcement, Share Class Disclosure
SEC’s Gensler Previews Upcoming ESG Proposals
In a recent speech, SEC Chair Gary Gensler outlined the proposals that he has asked the SEC staff to develop related to ESG disclosures.
August 02, 2021
Tags: Allison Herren Lee, Disclosure, ESG, Gary Gensler