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
UK-based Adviser Pays $170 Million in Connection with Transfer of Traders to Proprietary Fund
The SEC has fined a UK-based investment adviser in connection with the firm’s transfer of almost half of the traders assigned to a private fund sold to external clients to a proprietary fund with a similar trading strategy that was created to attract and retain traders and senior managers.
December 21, 2020
Tags: Disclosure, Private Funds, SEC Enforcement
The SEC brought and settled its first actions in connection with the Division of Enforcement’s Exchange-Traded Products Initiative.
November 17, 2020
Tags: OCIE, Compliance Policies, SEC Enforcement
SEC Enforcement Breaks Records for Total Disgorgement, Penalties, and Whistleblower Awards
The SEC’s Division of Enforcement’s 2020 annual report is now available.
November 05, 2020
Tags: Fees and Expenses, Insider Trading, MNPI, SEC Enforcement, Share Class Disclosure, Wrap Fees
Virginia Adviser Pays Over $1 Million for Failing to Reduce Fees as a Result of Write Downs
The SEC has fined a private equity fund adviser concerning management fees that it charged to a fund under its management.
October 29, 2020
Tags: Fees and Expenses, Private Equity, Private Funds, SEC Enforcement
SEC’s Peirce Calls for Framework to Provide Guidance on CCO Personal Liability
SEC Commissioner Hester Peirce has once again raised concerns about personal liability of CCOs and the lack of SEC guidance in this area.
October 27, 2020
Tags: CCO, Compliance, Hester Peirce, SEC Enforcement
Statistics Point to Record-Setting Year for SEC
SEC Chairman Jay Clayton provided an update on the SEC’s results for the 2020 fiscal year during this year’s virtual SEC Speaks conference.
October 15, 2020
SEC Charges Broker-Dealer for Failing to Retain Text Messages
The SEC has fined a California-based broker-dealer $100,000 for failing to retain business-related text messages sent and received by several of the firm’s registered representatives.
October 13, 2020
Tags: SEC Enforcement
Kansas Trust Company Fined for Operating Unregistered Investment Companies
The SEC has fined a Kansas state-chartered trust company for publicly offering and selling investment units in common trust funds and collective trust funds without having registered those trust funds as investment companies under the Investment Company Act (ICA).
October 09, 2020
Tags: SEC Enforcement, States
New SEC Whistleblower Rules: Some Processes Streamlined, Others May Be More Onerous
In an effort to “provide greater transparency, efficiency and certainty to the Award Amount determination process,” the SEC updated its whistleblower rules in a split 3-2 vote on September 23.
October 05, 2020
Tags: SEC Enforcement, Whistleblower