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 Releases Findings from its Wrap Fee Initiative Examinations

Wrap fee programs have been on the SEC’s radar for quite a while. When the SEC published its annual examination priorities in 2017, 2018, and 2019, wrap fee programs were mentioned as putting investors at risk. On July 21, 2021, the SEC’s Division of Examinations...

SEC Announces 2018 Compliance Priorities

Each year, the SEC’s Office of Compliance Inspections and Examinations (OCIE) publishes its priorities, and 2018 is no exception. On February 7, 2018, the SEC’s Office of Compliance Inspections and Examinations (OCIE) published its 2018 examination...