Tag: SEC Enforcement
Lessons Learned for Cloud-Based Email Accounts 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...
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...
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. In the first case, the SEC found that a Missouri-based adviser provided inadequate disclosures...
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
In another case that underscores the SEC’s harsher findings and penalties for share class selection-related violations, the SEC has fined a Connecticut-based dual-registrant for breaches of fiduciary duty in connection...
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 their client or customer relationship summaries – known as Form CRS – to...
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” in connection with 12 audits of...
July 27, 2021
Tags: Custody, SEC Enforcement
The SEC has fined a dual-registrant $8 million 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...
July 20, 2021
In another sign of its focus on conflicts relating to cash sweep accounts, the SEC has fined a Massachusetts-based investment adviser for disclosure failures in connection with conflicts arising from...
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. The SEC settlement order requires them...
July 15, 2021
Tags: Best Execution, SEC Enforcement, Share Class Disclosure
Adviser to Pay $97 Million in Connection with Rollover Conflicts
A New York-based firm dually registered as an investment adviser and broker-dealer has agreed to pay $97 million to settle charges by the SEC and the New York Attorney General’s...
July 13, 2021
Tags: Compliance Policies, Conflicts of Interest, Disclosure, SEC Enforcement
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