Tag: 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 and principal and cross trades in fixed income securities.
July 22, 2021
Tags: Compliance Policies, Conflicts of Interest, Cross Trading, Disclosure, SEC Examinations, Wrap Fees
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
Tags: Compliance Policies, Conflicts of Interest, Disclosure, SEC Enforcement
SEC Continues to Bring Share Class Enforcement Cases
The SEC recently brought enforcement actions against two investment advisers and an investment adviser representative in connection with share class disclosures.
June 29, 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
CFA Institute Seeks Comment on Exposure Draft on Disclosure Standards for ESG Investment Products
The CFA Institute is seeking comment on an exposure draft that outlines its proposed ESG Disclosure Standards for Investment Products (Standards).
June 02, 2021
Tags: Disclosure, ESG
The SEC has settled charges against a California-based adviser and its principal for failing to disclose adverse financial information and making false and misleading statements.
February 10, 2021
Tags: Disclosure, SEC Enforcement
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
Tags: 12b-1 Fees, Best Execution, Conflicts of Interest, Disclosure, Fees and Expenses, Mutual Funds, Revenue Sharing, SEC Enforcement, Share Class Disclosure, Wrap Fees
Dual-Registrant Pays Over $20 Million to Settle Share Class, Cash Sweep, and Illiquid Alt
The SEC has fined an Iowa-based dual-registrant over $20 million in connection with “disclosure failures and misleading statements to clients” arising from share class selection, revenue sharing, and compensation practices relating to illiquid alternative investments.
December 28, 2020
Tags: 12b-1 Fees, Conflicts, Disclosure, Registered Funds, Revenue Sharing, SEC Enforcement, Share Class Disclosure, Trading
President Trump has signed into law the Holding Foreign Companies Accountable Act to restrict the ability of foreign issuers to trade on U.S. exchanges if their auditors are not inspected by the Public Company Accounting Oversight Board.
December 21, 2020
Tags: Disclosure, Jay Clayton, Mutual Funds, PCAOB, SEC Investment Management
Adviser Fined in Connection with Disclosure of Share Classes Used by Model Provider
The SEC has settled charges against a Nebraska-based dual-registrant in connection with share class selection disclosures.
December 21, 2020
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