Tag: SEC Enforcement
SEC Ramping Up Scrutiny of Cybersecurity at Investment Advisers
The SEC continues to ramp up its exam and enforcement focus on cybersecurity, focusing on cyber breach response procedures and protection of client information.
October 10, 2021
Tags: Columns, Compliance Corner, Cybersecurity, SEC Enforcement
Adviser Fined for Custody Rule Violations for Facilitating Loans Between Clients
The SEC has fined a California-based registered investment adviser and its president for custody failures.
October 07, 2021
Tags: Compliance Policies, Conflicts of Interest, Custody, SEC Enforcement
In Revenue Sharing Case, SEC Highlights Failure to Consider Other Money Market Funds for Cash Sweeps
In yet another case involving cash sweep accounts, the SEC has fined a New York-based adviser in connection with failing to disclose revenue sharing and related conflicts of interest involving money market fund cash sweep accounts.
October 06, 2021
Tags: Conflicts of Interest, Revenue Sharing, SEC Enforcement
SEC Charges Quantitative Analyst in Front-Running Scheme
The SEC has charged a quantitative analyst in a front-running scheme the SEC claims resulted in over $8.5 million in trading profits.
October 06, 2021
Tags: Code of Ethics, Insider Trading, MNPI, SEC Enforcement
The SEC is suing a Missouri adviser for allegedly investing client assets in expensive mutual fund share classes to avoid paying transaction fees.
October 06, 2021
Tags: Conflicts of Interest, SEC Enforcement, Share Class Disclosure, Wrap Fees
Adviser, Principals Fined for Charging Clients Fees Without Providing Advice
A Michigan-based investment adviser and two of its principals are paying more than $900,000 to settle SEC charges related to a breach of their fiduciary duties and failing to disclose conflicts of interest.
October 05, 2021
Tags: Conflicts of Interest, Disclosure, Fees and Expenses, Fiduciary, SEC Enforcement
Adviser Fined for Conflicts Disclosure and Custody Issues Related to Private Fund Investments
The SEC has fined a Connecticut-based investment adviser and its principal for inadequate disclosure of conflicts of interest related to investments of a private fund client and for violations of the Custody Rule.
September 22, 2021
Tags: Conflicts of Interest, Custody, Private Funds, SEC Enforcement
The SEC has fined an Ohio-based dual-registrant for violating the Custody Rule because the firm did not provide investors in two private funds that it advised with audited financial statements or alternatively retain an independent public accountant to conduct surprise examinations of the private funds’ assets.
September 22, 2021
Tags: Custody, Disclosure, Private Funds, SEC Enforcement
SEC Action on Complex Products Highlights Need for Training and Supervision
The SEC has settled charges against a Missouri-based adviser over unsuitable investment recommendations of complex financial products.
September 22, 2021
SEC Charges Account Takeover Victims for Deficient Cybersecurity Policies and Procedures that Expose
SEC Charges Account Takeover Victims for Deficient Cybersecurity Policies and Procedures that Exposed PII of Thousands of Clients September 3, 2021 Two SEC-registered investment advisers, four dual registrants, and...
September 03, 2021
Tags: Cybersecurity, SEC Enforcement
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