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;...
Staff Bulletin Provides Guidance on Satisfying Fiduciary Duty and Reg BI Requirements
The SEC’s Division of Examinations (Division) recently announced its priorities for the 2022 fiscal year. Not unexpectedly, as part of the Division’s focus on protecting retail investors, examinations will scrutinize whether firms are satisfying their obligations...
SEC’s Division of Examinations Announces Its 2022 Priorities
The long wait for the SEC’s 2022 examination priorities is finally over. On March 30, 2022, the SEC’s Division of Examinations (Division) announced its priorities for the 2022 fiscal year. By reviewing these priorities, Registered Investment Advisers (RIAs) will be...
SEC Sanctions 12 More Financial Firms for Failure to Meet their Form CRS Obligations
If Registered Investment Advisers (RIAs) and broker-dealers have not gotten the message about the importance of meeting their Form CRS obligations, the SEC has sent another shot across the bow. On February 15, 2022, the SEC announced that six RIAs and six...
SEC Sanctions an Investment Adviser for Several Compliance Deficiencies
On January 11, 2022, a Registered Investment Adviser (RIA) in Rockaway, New Jersey, consented to the entry of an SEC order that sanctioned the firm for several compliance deficiencies. The RIA also agreed to be censured and to cease-and-desist from engaging in the...
SEC Guidance Reinforces RIAs’ Form CRS Obligations
On December 17, 2021, the SEC’s Standards of Conduct Implementation Committee (Committee) released a statement that serves as a warning to Registered Investment Advisers (RIAs) and broker-dealers about their obligations pertaining to Form CRS relationship summaries....
The SEC Fines J.P. Morgan for Failure to Maintain Required Books and Records
On December 17, 2021, the SEC announced charges against J.P. Morgan Securities LLC (JP Morgan), a broker-dealer subsidiary of JPMorgan Chase & Co. The SEC alleged that the broker-dealer failed to maintain and preserve certain written communications. JP Morgan...
Impact of Transaction Fee Waivers on an RIA’s Fiduciary Duty
As you all know, over the last few years, many custodial broker-dealers such as Schwab and TD Ameritrade have reduced their trading commissions to zero on U.S. equities, most ETFs, and most Class A shares of mutual funds. Historically, many custodial broker-dealers...
Webinar – Prohibited Exemption Training for Investment Advice Fiduciaries
On December 18, 2020, the U.S. Department of Labor (DOL) published its final prohibited transaction exemption addressing investment advice fiduciaries to Employee Retirement Income Security Act of 1974 (ERISA) plans and individual retirement accounts (IRAs). RIA...
SEC Enforcement Actions Signal Continued Scrutiny of 12b-1 Fees, Revenue Sharing Arrangements, and Wrap Fee Programs
In recent weeks, the SEC has continued to bring enforcement actions against Registered Investment Advisers (RIAs) that breached their fiduciary duty to advisory clients. These enforcement actions demonstrate the SEC’s concerns about RIAs that breach their fiduciary...
SEC NEWS
SEC NEWS
- SEC Extends Comment Period for Proposed Rules on Climate-Related Disclosures, Reopens Comment Periods for Proposed Rules Regarding Private Fund...on May 9, 2022 at 3:00 pm
The Securities and Exchange Commission today announced that it has extended the public comment period on the proposed rulemaking to enhance and standardize climate-related disclosures for investors until June 17, 2022. The SEC also announced that it […]
- SEC Halts Fraudulent Cryptomining and Trading Schemeon May 6, 2022 at 3:45 pm
The Securities and Exchange Commission today announced fraud charges against MCC International Corp. (MCC), which does business as Mining Capital Coin Corp., its founders Luiz Carlos Capuci, Jr. (aka Junior Caputti or Capuci) and Emerson Souza Pires […]
- SEC Issues Nearly $3.5 Million Award to Four Whistleblowerson May 6, 2022 at 2:30 pm
The Securities and Exchange Commission today announced a total award of nearly $3.5 million to four whistleblowers who provided information and assistance in a single covered action.Three joint whistleblowers provided Commission staff with […]
- SEC Charges NVIDIA Corporation with Inadequate Disclosures about Impact of Cryptominingon May 6, 2022 at 1:00 pm
The Securities and Exchange Commission today announced settled charges against technology company NVIDIA Corporation for inadequate disclosures concerning the impact of cryptomining on the company’s gaming business.The SEC’s order finds that, […]
- SEC Nearly Doubles Size of Enforcement’s Crypto Assets and Cyber Uniton May 3, 2022 at 9:00 am
The Securities and Exchange Commission today announced the allocation of 20 additional positions to the unit responsible for protecting investors in crypto markets and from cyber-related threats. The newly renamed Crypto Assets and Cyber Unit […]
DIVISION OF INVESTMENT MANAGEMENT NEWS
- IndexIQ Active ETF Truston May 11, 2022 at 4:25 pm
Response of the Office of Mergers and Acquisitions
- Imperial Oil Ltd.on May 4, 2022 at 8:10 pm
Response of the Office of Mergers and Acquisitions
- Sample Letter to Companies Regarding Disclosures Pertaining to Russia's Invasion of Ukraine and Related Supply Chain Issueson May 3, 2022 at 9:15 pm
Other Staff Guidance and Sample Comment Letters
- BTIG, LLCon May 2, 2022 at 5:45 pm
Regulation D - Rule 506(d) Waivers of Disqualification
- Principal ETFson April 11, 2022 at 10:25 pm
Response of the Office of Mergers and Acquisitions