Head of SEC’s New York Regional Office Becomes Deputy Director of Enforcement, Replaced by Director
The SEC has named Marc P. Berger as Deputy Director of the Division of Enforcement.
August 24, 2020
Tags: SEC Appointments, SEC Enforcement
Adviser Pays $750,000+ to Settle Share Class Selection, Revenue Sharing Charges
The SEC has brought an enforcement action against a California-based investment adviser in connection with share class selection practices and undisclosed revenue sharing agreements.
August 20, 2020
Tags: Revenue Sharing, SEC Enforcement, Share Class Disclosure
SEC Fines PE Fund Adviser $350,000 for Misallocating Expenses to Fund Clients
The SEC has settled charges with a Florida-based private equity fund adviser for misallocating costs and expenses to its real estate fund clients.
August 20, 2020
Tags: Compliance, Fees and Expenses, Private Equity, SEC Enforcement
The SEC has fined a Texas-based investment adviser regarding failures to disclose certain practices by the adviser in connection with teacher retirement plans and certain benefits received in connection with mutual fund share class selection practices.
August 11, 2020
Tags: 12b-1 Fees, Best Execution, Conflicts of Interest, Jay Clayton, Mutual Funds, Retirement Plans, Revenue Sharing, SEC Enforcement, Share Class Disclosure, Wrap Fees
The SEC has charged two affiliated investment advisers in connection with material misrepresentations to boards of their mutual fund and ETF clients.
August 10, 2020
Tags: Disclosure, ETFs, Mutual Funds, SEC Enforcement, Trading
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.
August 10, 2020
Tags: Allocation, Compliance, Disclosure, SEC Enforcement, Trading
Co-Director of Enforcement Steven Peikin to Leave SEC
The SEC has announced that Steven Peikin is leaving the SEC on August 14, 2020.
August 10, 2020
Adviser Fined $200,000 in Connection with Purchases of Securities in Non-Public Rule 144A Offerings
The SEC has fined a Colorado-based investment adviser in connection with purchases of privately offered securities sold in reliance on the Securities Act Rule 144A exemption from registration on behalf of clients that were not qualified institutional buyers, as required by the rule.
July 17, 2020
Tags: SEC Enforcement
The SEC has charged a U.S. investment adviser and an affiliated adviser based in Canada in connection with their purchases of shares of ETFs on behalf of fund clients in excess of limits under the Investment Company Act.
July 10, 2020
Tags: ETFs, SEC Enforcement
Supreme Court Rules Both For – and Against – SEC on Disgorgement Question
In an important case for the SEC’s enforcement powers, the Supreme Court has affirmed the SEC’s ability to impose a disgorgement award as an equitable remedy – but at the same time has limited that equitable award to the amount of the wrongdoer’s net profits.
June 22, 2020
Tags: Disgorgement, SEC Enforcement, Supreme Court