Tag: SEC Enforcement
SEC Fines Principal of Mutual Fund Adviser for Failure to Disclose Conflicts to the Fund
The SEC has fined a principal of a previously registered investment adviser $75,000 for failures to disclose certain conflicts of interest to a mutual fund client of the adviser.
May 18, 2021
SEC Commissioner Crenshaw Encourages Change in Approach on Enforcement Penalties
SEC Commissioner Caroline Crenshaw says the agency’s enforcement policies allow companies to “profit from fraud” because they unnecessarily limit the Commission’s ability to craft appropriately tailored penalties that are more effective at deterring misconduct.”
March 16, 2021
Tags: Caroline Crenshaw, SEC Enforcement
Form CRS, ESG Disclosure are Priorities for SEC Exams, Enforcement
Form CRS filing and ESG disclosure are among the top examination priorities, noted Peter Driscoll, Director of the SEC’s Division of Examinations, in a conversation with IAA General Counsel Gail Bernstein at the 2021 IAA Investment Adviser Compliance Conference.
March 09, 2021
Tags: Compliance Conference, ESG, Form CRS, Libor, Peter Driscoll, Private Funds, SEC Enforcement, SEC Examinations, Share Class Disclosure, Takeaways
SEC Announces Enforcement Task Force on Climate and ESG
In yet another move to intensify its focus on matters relating to ESG disclosures and investments, the SEC’s Division of Enforcement has created a Climate and ESG Task Force.
March 05, 2021
Tags: Allison Herren Lee, Elad Roisman, ESG, Examinations, Hester Peirce, SEC Corporation Finance, SEC Enforcement
Boston Firm Pays Over $1.85 Million to Settle Share Class Charges
The SEC has fined a Boston-based dual-registrant for breaches of fiduciary duty.
February 22, 2021
Tags: 12b-1, Revenue Sharing, SEC Enforcement, Share Class Disclosure
SEC Acting Chair Lee Changes Policy on Contingent Settlement Offers
SEC Acting Chair Allison Herren Lee has reversed a practice that has allowed the SEC’s Division of Enforcement to recommend a settlement offer to the SEC that is conditioned on granting a waiver from a disqualification provision under the federal securities laws.
February 17, 2021
Tags: Allison Herren Lee, Elad Roisman, Hester Peirce, SEC Enforcement
SEC Acting Chair Boosts Enforcement Division Powers
Acting Chair Allison Herren Lee has restored authority to senior Division of Enforcement officers to initiate formal investigations – authority they had been stripped of by the Trump Administration.
February 11, 2021
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
Pricing Data Services Company Pays $8 Million to Settle Compliance Failure Charges
The SEC has fined a registered investment adviser for failing to adopt and implement written policies and procedures reasonably designed to detect problems with its securities pricing.
January 05, 2021
Tags: Compliance, Compliance Policies, SEC Enforcement, Valuation
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
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