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;...

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...

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 Against Firms with Weak Cyber Policies

Rule 30(a) of Regulation S-P, better known as the Safeguards Rule, requires firms to adopt written policies and procedures to address the administrative, technical, and physical safeguards that are necessary to protect customer records and information. On August 30,...