Tag: Share Class Disclosure
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
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
SEC Brings More Share Class Selection Cases
The SEC Division of Enforcement’s continuing focus on share class selection disclosure has produced three new actions against investment advisers.
June 10, 2020
PA Adviser, Principals Face Share Class Selection and Disclosure Charges
The SEC has filed a complaint against a Pennsylvania-based investment adviser and its principals charging them with breaches of fiduciary duty.
May 19, 2020
Tags: 12b-1 Fees, Best Execution, Conflicts of Interest, SEC Enforcement, Share Class Disclosure
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
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
In a case that will have ramifications for investment advisers, the SEC charged a large broker-dealer with fraudulent misrepresentations relating to its mutual fund share class selection process.
November 25, 2019
The SEC is seeking a permanent injunction prohibiting future violations of the Advisers Act, disgorgement, and a civil penalty.
November 25, 2019
Tags: Dual Registrant, Massachusetts, SEC Enforcement, Share Class Disclosure
New Case Shows Revenue Sharing a Top SEC Target
A recent SEC complaint serves as yet another reminder to investment advisers about their obligations regarding the receipt and disclosure of revenue from third parties.
September 01, 2019
Tags: Columns, From the General Counsel, Gail Bernstein, Share Class Disclosure
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