Trading Archives

Dual-Registrant Pays Over $20 Million to Settle Share Class, Cash Sweep, and Illiquid Alt

The SEC has fined an Iowa-based dual-registrant over $20 million in connection with “disclosure failures and misleading statements to clients” arising from share class selection, revenue sharing, and compensation practices relating to illiquid alternative investments.

December 28, 2020

Tags: 12b-1 Fees, Conflicts, Disclosure, Registered Funds, Revenue Sharing, SEC Enforcement, Share Class Disclosure, Trading

OCIE Risk Alert Reminds Advisers of Large Trader Obligations

The SEC’s examination staff has shared observations to assist investment advisers and broker-dealers in complying with the Large Trader Rule (Rule 13h-1 under the Exchange Act).

December 17, 2020

Tags: OCIE, Risk Alert, Trading

Executive Order Prohibits U.S. Investors from Investing in Chinese Military Companies

President Trump has signed an executive order that prohibits U.S. persons from transactions in “publicly traded securities, or any securities that are derivative of, or are designed to provide investment exposure to such securities” of “Communist Chinese military companies.”

November 17, 2020

Tags: Securities, Trading, Treasury Department

SEC’s FIMSAC Considers Impacts of COVID-19 on Fixed Income Markets

The SEC’s Fixed Income Market Structure Advisory Committee met on to discuss the impacts of the COVID-19 pandemic and other developments on the fixed income markets.

October 15, 2020

Tags: Coronavirus, COVID-19, FIMSAC, Trading

SEC Fines Adviser $450,000 for Engaging in Prohibited Cross Trades and Principal Transactions

The SEC has settled charges with a Kansas-based investment adviser for engaging in cross trades on behalf of its registered fund clients without complying with the Investment Company Act rule regarding cross trades.

October 02, 2020

Tags: SEC Enforcement, Trading

SEC Fines Affiliated Advisers $1 Million for Misrepresentations to Fund Boards in Connection with Payments for Order Flow

The SEC has charged two affiliated investment advisers in connection with material misrepresentations to boards of their mutual fund and ETF clients.

August 10, 2020

Tags: Disclosure, ETFs, Mutual Funds, SEC Enforcement, Trading

SEC Charges Adviser in Connection with Trade Allocations to Day-Trading Clients

The SEC has charged a Connecticut-based investment adviser in connection with its allocation of trades to clients.

August 10, 2020

Tags: Allocation, Compliance, Disclosure, SEC Enforcement, Trading

Highlights from the IAA/CMS Trading and Best Execution Summit: Market Structure Changes and IAs’ Trading, Best Ex Obligations

The IAA’s second annual Trading and Best Execution Summit, cosponsored by Capital Markets Strategies, took place on June 18 in the midst of sweeping SEC initiatives designed to bring significant change to market structure and trading in the United States.

June 24, 2020

Tags: Best Execution, Brett Redfearn, Coronavirus, COVID-19, Hester Peirce, Jay Clayton, Trading

Wrap Fee Program Sponsor Fined $5 Million for Providing Misleading Information to Investors

The SEC has fined a dual-registrant that serves as a sponsor of wrap fee programs $5 million for providing misleading information to its wrap fee program clients regarding trade execution services and transaction costs.

May 19, 2020

Tags: Disclosure, SEC Enforcement, Trading, Wrap Fees

Transitioning to a Zero Commission World: Action Steps for Advisers

Bob Plaze, partner at IAA Associate Member Proskauer, suggests that advisers review their trading policies and procedures, fee structures, and disclosures.

January 01, 2020

Tags: Commissions, Trading, Zero Commissions

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