Tag: SEC Enforcement
New SEC Share Class Disclosure Cases Involve Wrap Fee Programs, Expense-Sharing Agreement
Two Advisers Agree to Pay Over $3 Million to Settle Charges The SEC has fined a previously-registered adviser over $1 million for alleged breaches of fiduciary duty in connection with...
September 03, 2021
Tags: Conflicts of Interest, SEC Enforcement, Share Class Disclosure
Two SEC-registered investment advisers, four dual registrants, and two broker-dealers have paid a total of $750,000 to settle charges involving cybersecurity failures that resulted in cloud-based email accounts being taken over by unauthorized third parties.
September 03, 2021
Tags: Cybersecurity, SEC Enforcement
SEC Issues Interim Updates to Whistleblower Procedures
The SEC adopted amendments to its Whistleblower Program rules in September 2020 that address the criteria for making an award where another agency’s whistleblower program may apply to an action as well as for determining an appropriate award amount.
August 24, 2021
Tags: Elad Roisman, Gary Gensler, Hester Peirce, SEC Enforcement
SEC Brings More Revenue Sharing Disclosure Cases
Revenue sharing disclosure violations are at the heart of two new enforcement actions by the SEC.
August 17, 2021
Tags: Conflicts of Interest, Disclosure, Revenue Sharing, SEC Enforcement
SEC Adds Lack of Disclosure of Margin Interest Mark-Ups to Share Class-Related Violations
The SEC has fined a Connecticut-based dual-registrant for breaches of fiduciary duty in connection with advising clients to purchase and hold mutual fund share classes that charged 12b-1 fees when lower cost fund shares were available.
August 04, 2021
Tags: Conflicts of Interest, Disclosure, SEC Enforcement, Share Class Disclosure
21 Advisers, Six BDs Fined for Form CRS Violations
The SEC has fined 21 investment advisers and six broker-dealers for failing to timely file and deliver Form CRS to their retail investors.
July 27, 2021
Tags: Form CRS, SEC Enforcement
SEC Charges Private Funds Auditor for Causing Adviser to Violate Custody Rule
The SEC has instituted administrative proceedings against a Colorado-based SEC-registered adviser’s audit firm, audit engagement partner, and quality review partner for “widespread audit failures.”
July 27, 2021
Tags: Custody, SEC Enforcement
The SEC has fined a dual-registrant after finding it did not adopt and implement compliance policies and procedures reasonably designed to prevent the unsuitable use of a volatility-linked-exchange-traded product in discretionary advisory accounts.
July 20, 2021
The SEC has fined a Massachusetts-based investment adviser for disclosure failures in connection with conflicts arising from a cash sweep-related revenue sharing arrangement.
July 20, 2021
Tags: Conflicts of Interest, Revenue Sharing, SEC Enforcement
Colorado Advisers Pay Over $10 Million to Settle Share Class Selection, Related Charges
Two affiliated Colorado-based investment advisers are paying more than $10 million to settle charges involving share class selection disclosure, revenue sharing, and best execution.
July 15, 2021
Tags: Best Execution, SEC Enforcement, Share Class Disclosure
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