Tag: Disclosure
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...
December 28, 2020
Tags: 12b-1 Fees, Conflicts, Disclosure, Registered Funds, Revenue Sharing, SEC Enforcement, Share Class Disclosure, Trading
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. Although the firm was eligible to, but did not, self-report as part of the...
December 21, 2020
SEC Charges Adviser for Failing to Disclose Financial Conflicts of Interest
SEC Charges Adviser for Failing to Disclose Financial Conflicts of Interest February 27, 2020 The SEC has filed a complaint against a California-based investment adviser and its former co-owners...
February 27, 2020
Tags: Conflicts of Interest, Disclosure, Private Funds, SEC Enforcement
SEC Fines Adviser and its Founder for Failure to Disclose and Obtain Client Consent for Principal Transactions March 11, 2020 The SEC has censured and fined a Connecticut-based investment...
March 11, 2020
Tags: Disclosure, SEC Enforcement
Division of Investment Management Reminds Investment Companies of their Disclosure Obligations
Division of Investment Management Reminds Investment Companies of their Disclosure Obligations April 17, 2020 The SEC’s Division of Investment Management recently issued a staff statement reminding investment companies to...
April 17, 2020
Wrap Fee Program Sponsor Fined $5 Million for Providing Misleading Information to Investors
Wrap Fee Program Sponsor Fined $5 Million for Providing Misleading Information to Investors May 19, 2020 The SEC has fined a dual-registrant that serves as a sponsor of wrap...
May 19, 2020
Tags: Disclosure, SEC Enforcement, Trading, Wrap Fees
SEC’s IAC Discusses Index Funds, ESG, Disclosures and Credit Rating Agencies
SEC’s IAC Discusses Index Funds, ESG, Disclosures and Credit Rating Agencies June 3, 2020 Discussions on index funds and credit rating agencies – and recommendations on ESG disclosure and...
June 03, 2020
Tags: Form ADV, Allison Herren Lee, Disclosure, ESG, Form CRS, Hester Peirce, IAC, Jay Clayton
SEC Charges Adviser in Connection with Trade Allocations to Day-Trading Clients
The SEC has charged a Connecticut-based investment adviser in connection with its allocation of trades to clients. The adviser has day-trading clients as well as clients that follow a buy-and-hold...
August 10, 2020
Tags: Allocation, Compliance, Disclosure, SEC Enforcement, Trading
The SEC has charged two affiliated investment advisers in connection with material misrepresentations to boards of their mutual fund and ETF clients regarding payment for order flow arrangements and their...
August 10, 2020
Tags: Disclosure, ETFs, Mutual Funds, SEC Enforcement, Trading
SEC Proposes Updates to Fund Disclosure Framework
As part of its investor experience initiative, the SEC has proposed an updated disclosure framework for mutual funds and ETFs. The proposal includes the following components: Streamlined Fund Shareholder Report:...
August 11, 2020
Tags: Disclosure, ETFs, Mutual Funds
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