SEC’s Staff Bulletin Explains How Investment Advisers and Broker-Dealers Should Deal with Conflicts of Interest

On August 3, 2022, the SEC published a Staff Bulletin, which discussed investment advisers’ and broker-dealers’ conflicts of interest. The Staff Bulletin offered guidance on how firms can identify, eliminate, mitigate, and disclose those conflicts of interest. The...

Three Firms Flagged by SEC for Identity Theft Red Flags Rule Violations

Regulation S-ID, commonly known as the Identity Theft Red Flags Rule, is designed to help protect investors from the risks of identity theft. Red flags are defined as a pattern, practice, or specific activity indicating the possible existence of identity theft....

Continuing Education Requirements Are on the Horizon for Many IARs

On November 30, 2020, the North American Securities Administrators Association (NASAA) adopted a model rule that established continuing education requirements for Investment Adviser Representatives (IARs). However, the Continuing Education (CE) model rule or similar...

Another SEC Action Related to Mutual Fund Share Classes and Best Execution

On April 27, 2022, the SEC announced that it settled charges against a Registered Investment Adviser (RIA) in Downers Grove, Illinois. The SEC alleged that the RIA breached its fiduciary duty to advisory clients by failing to: Fully disclose its conflicts of interest;...