Tag: SEC Enforcement
Louisiana Adviser Pays $2.3 Million to Settle Share Class Selection, Revenue Sharing, Other Charges
The SEC has brought an enforcement action against a dually-registered investment adviser and broker-dealer in connection with placing clients in fund share classes between that resulted in the adviser and its IARs receiving 12b-1 fees when less expensive share classes were available.
October 05, 2020
Tags: 12b-1 Fees, Revenue Sharing, SEC Enforcement, Share Class Disclosure
The SEC is charging the firm with violating antifraud provisions and the Advisers Act Compliance Program Rule.
October 05, 2020
Tags: Form ADV, SEC Enforcement
Adviser that Self-Reported Recapture of Waived Expenses to Pay Disgorgement But No Penalty
A Colorado-based investment adviser caused four money market funds that it advised to reimburse the adviser amounts that the adviser had previously waived and reimbursed to the funds on a voluntary basis to prevent the funds from experiencing a negative yield.
October 05, 2020
Tags: Fees and Expenses, SEC Enforcement
In a 3-2 vote, the SEC has adopted amendments to the rule regarding the process for including shareholder proposals in issuers’ proxy statements, making it more difficult for shareholders to have their proposals put to a vote.
October 02, 2020
Tags: 12b-1 Fees, Best Execution, Conflicts of Interest, Money Market Fund, Mutual Funds, Revenue Sharing, SEC Enforcement, Share Class Disclosure
Florida Adviser Sanctioned Over Performance Fees, Custody Rule Violations
The SEC fined a Florida-based investment adviser and its president $61,808.34 in connection with violations of the Advisers Act Custody Rule, Compliance Program Rule, and certain antifraud provisions.
October 02, 2020
Tags: Custody, Private Funds, SEC Enforcement
SEC Fines Adviser $450,000 for Engaging in Prohibited Cross Trades and Principal Transactions
The SEC has settled charges with a Kansas-based investment adviser for engaging in cross trades on behalf of its registered fund clients without complying with the Investment Company Act rule regarding cross trades.
October 02, 2020
Tags: SEC Enforcement, Trading
Private Fund Adviser Fined Over Failure to File Amendments to Schedule 13D Filings
A New York-based private fund adviser was fined $100,000 in connection with failures to file amendments to Schedule 13D filings.
October 02, 2020
Tags: Private Funds, SEC Enforcement
SEC Chairman, Enforcement Director Reinforce Focus on Retail Investors
Jay Clayton, Chairman of the SEC, recently gave a speech in which he reiterated his focus on retail investors.
September 24, 2020
New Jersey-Based Adviser Charged with Cherry-Picking
The SEC charged a New Jersey-based investment adviser and its president in connection with a “cherry-picking” scheme that the SEC alleges breached the adviser’s fiduciary duty to its advisory clients.
September 18, 2020
Tags: SEC Enforcement
Investment Adviser Fined $75,000 for Custody Rule Violations
The SEC settled an enforcement action with a New York City-based investment advisory firm for violations of the Advisers Act Custody Rule.
September 18, 2020
Tags: Custody Rule, SEC Enforcement
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