Tag: Conflicts of Interest
Adviser, Principals Fined for Charging Clients Fees Without Providing Advice
One Principal Barred for Three Years from Acting as Chief Compliance Officer A Michigan-based investment adviser and two of its principals are paying more than $900,000 to settle SEC charges...
October 05, 2021
Tags: Conflicts of Interest, Disclosure, Fees and Expenses, Fiduciary, SEC Enforcement
Adviser Fined for Conflicts Disclosure and Custody Issues Related to Private Fund Investments
The SEC has fined a Connecticut-based investment adviser and its principal for inadequate disclosure of conflicts of interest related to investments of a private fund client and for violations of...
September 22, 2021
Tags: Conflicts of Interest, Custody, Private Funds, SEC Enforcement
SEC Action on Complex Products Highlights Need for Training and Supervision
The SEC has settled charges against a Missouri-based adviser over unsuitable investment recommendations of complex financial products.
September 22, 2021
New SEC Share Class Disclosure Cases Involve Wrap Fee Programs, Expense-Sharing Agreement
Two Advisers Agree to Pay Over $3 Million to Settle Charges The SEC has fined a previously-registered adviser over $1 million for alleged breaches of fiduciary duty in connection with...
September 03, 2021
Tags: Conflicts of Interest, SEC Enforcement, Share Class Disclosure
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...
August 24, 2021
Tags: Conflicts of Interest, ETFs
SEC Brings More Revenue Sharing Disclosure Cases
Revenue sharing disclosure violations are at the heart of two new enforcement actions by the SEC. In the first case, the SEC found that a Missouri-based adviser provided inadequate disclosures...
August 17, 2021
Tags: Conflicts of Interest, Disclosure, Revenue Sharing, SEC Enforcement
SEC Adds Lack of Disclosure of Margin Interest Mark-Ups to Share Class-Related Violations
In another case that underscores the SEC’s harsher findings and penalties for share class selection-related violations, the SEC has fined a Connecticut-based dual-registrant for breaches of fiduciary duty in connection...
August 04, 2021
Tags: Conflicts of Interest, Disclosure, SEC Enforcement, Share Class Disclosure
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
Tags: Compliance Policies, Conflicts of Interest, Cross Trading, Disclosure, SEC Examinations, Wrap Fees
In another sign of its focus on conflicts relating to cash sweep accounts, the SEC has fined a Massachusetts-based investment adviser for disclosure failures in connection with conflicts arising from...
July 20, 2021
Tags: Conflicts of Interest, Revenue Sharing, SEC Enforcement
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...
July 13, 2021
Tags: Compliance Policies, Conflicts of Interest, Disclosure, SEC Enforcement
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