SEC Wrap Fee Case Focuses on Account Monitoring and Fees
SEC fines adviser for failing to monitor whether wrap fee program continued to be in clients’ best interest.
September 20, 2022
Tags: SEC Enforcement, Wrap Fees
Recent SEC Share Class Case Focuses on Wrap Fee Program
SEC fines adviser for placing wrap fee clients in more expensive fund shares without disclosing related conflicts.
July 29, 2022
SEC Publishes Examination Priorities for 2022
The SEC’s Division of Examinations has issued its examination priorities for 2022, which are in line with recent regulatory initiatives and rulemakings directed at advisers.
April 01, 2022
Tags: BCP, Best Execution, Cybersecurity, Digital Assets, ESG, Examinations, Form CRS, Private Funds, Revenue Sharing, SEC Examinations, Technology, Wrap Fees, Zero Commissions
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
New Risk Alerts Focus on Wrap Fee Programs, Principal and Cross Trades
The SEC’s Division of Examinations has issued two risk alerts describing the staff’s observations resulting from initiatives on wrap fee programs (Wrap Fee Risk Alert) and principal and cross trades...
July 22, 2021
Tags: Compliance Policies, Conflicts of Interest, Cross Trading, Disclosure, SEC Examinations, Wrap Fees
Dual-Registrant Pays Over $18 Million to Settle Charges Related to Wrap Fee Program Fees, Monitoring
The SEC has fined a New Jersey-based dual-registrant over $18 million for breaches of fiduciary duty to advisory clients that participated in the firm’s wrap fee programs. The charges relate...
January 05, 2021
Tags: 12b-1 Fees, Best Execution, Conflicts of Interest, Disclosure, Fees and Expenses, Mutual Funds, Revenue Sharing, SEC Enforcement, Share Class Disclosure, Wrap Fees
SEC Enforcement Breaks Records for Total Disgorgement, Penalties, and Whistleblower Awards
The SEC’s Division of Enforcement’s 2020 annual report shows a record in total monetary remedies during the fiscal year (FY) ended September 30, 2020 of $4.680 billion, as compared to...
November 05, 2020
Tags: Fees and Expenses, Insider Trading, MNPI, SEC Enforcement, Share Class Disclosure, Wrap Fees
The SEC has fined a Texas-based investment adviser a total of $40 million in two enforcement actions regarding failures to disclose certain practices by the adviser in connection with teacher...
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
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...
May 19, 2020
Tags: Disclosure, SEC Enforcement, Trading, Wrap Fees