SEC Closes Out SCSD Initiative with Three Final Settlements
The SEC has announced settled charges against three more investment advisers that self-reported in its Share Class Selection Disclosure (SCSD) initiative.
April 18, 2020
The SEC speaks, and CCOs listen.
April 17, 2020
Tags: OCIE, Allison Herren Lee, Columns, Compliance Conference, Dalia Blass, Peter Driscoll, Rick Fleming, SEC Enforcement, Steven Peikin, Takeaways
SEC Fines New York-Based Dual Registrant for Misleading Disclosures on Adviser Compensation
A New York-based dual registrant is paying $725,000 to settle charges that it misrepresented how it compensated its dual-registered investment adviser representatives (IARs).
March 23, 2020
Tags: SEC Enforcement
Dual-Registrants to Pay $35 Million for Unsuitable Recommendations Regarding Single-Inverse ETFs
The SEC fined two affiliated dual-registrants a total of $35 million in connection with unsuitable recommendations to retail investors to buy and hold single-inverse exchange-traded funds, including in retirement accounts.
March 11, 2020
Tags: Dual Registrant, SEC Enforcement
SEC Fines Two Advisers for Undisclosed Conflicts Related to Investments in the Same Enterprise
The SEC has settled charges with New Jersey– and California-based investment advisers.
March 11, 2020
The SEC has censured and fined a Connecticut-based investment adviser and its founder for engaging in a series of principal transactions without making the proper disclosures and without obtaining client consent as required under Section 206(3) of the Advisers Act.
March 11, 2020
Tags: Disclosure, SEC Enforcement
The SEC hopes to issue guidance on Regulation Best Interest and Form CRS later this month, OCIE Director Peter Driscoll told attendees at the IAA’s 2020 Investment Adviser Compliance Conference.
March 09, 2020
Tags: OCIE, Compliance Conference, Peter Driscoll, SEC Enforcement, Steven Peikin
SEC Finds Breaches of Fiduciary Duty and Duty of Best Execution in Connection with Mutual Fund Share
A Pennsylvania-based dual registrant agreed to pay disgorgement, prejudgment interest, and a civil penalty totaling $927,107.
February 27, 2020
Tags: Conflicts of Interest, SEC Enforcement, Share Class Disclosure
The SEC and the CFTC have settled charges against an investment adviser of a mutual fund that is also registered as a commodity pool operator for materially misleading investors about risk management procedures and failing to manage the fund’s risks consistent with the fund’s prospectus and other representations.
February 27, 2020
Tags: CFTC, CPO, SEC Enforcement
SEC Charges Adviser for Failing to Disclose Financial Conflicts of Interest
The SEC has filed a complaint against a California-based investment adviser and its former co-owners for failing to disclose side compensation arrangements when recommending investments to clients.
February 27, 2020
Tags: Conflicts of Interest, Disclosure, Private Funds, SEC Enforcement