News & Analysis as of

12b-1 plan

Carlton Fields

SEC Still Cool With Virtual Fund Board Meetings

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Mutual fund boards of directors need not meet in person to approve investment advisory contracts, Rule 12b-1 plans, or independent public accountants through December 31. ...more

Vedder Price

SEC Issues FAQs on Adviser Conflict Disclosure Practices

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On October 18, 2019, the SEC’s Division of Investment Management issued guidance in the form of Frequently Asked Questions that address certain matters regarding the disclosure of conflicts of interest involving the receipt...more

Perkins Coie

SEC Scrutiny of Advisers’ Share Class Selection, Revenue Sharing and Disclosure Practices Continues Apace

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Over the past several years, U.S. Securities and Exchange Commission (SEC) enforcement activity has eroded the stability of the once-standard lineup of share classes available to mutual fund investors. Starting with...more

A&O Shearman

SEC Settles Charges Against Investment Advisers And Returns $125 Million To Investors

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On March 11, 2019, the Securities and Exchange Commission (“SEC”) announced that it had settled charges against 79 investment advisers as part of its Share Class Selection Disclosure Initiative (the “Initiative”), which was...more

Eversheds Sutherland (US) LLP

The SEC’s litigation against a firm for allegedly inadequate disclosure of shareholder service fees and 12b-1 fees

During the past several years, the US Securities and Exchange Commission (SEC) has settled more than a dozen cases where the SEC alleged (with the firms neither admitting nor denying the charges) that investment advisers...more

Moore & Van Allen PLLC

The Clock is Ticking for Investment Advisers to Self-Report Mutual Fund Share Class Violations

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On February 12, 2018, the U.S. Securities and Exchange Commission announced an initiative to address undisclosed conflicts of interest by investment advisers in the context of mutual fund share classes. Dubbed the Share Class...more

Vedder Price

Investment Services Regulatory Update - March 2018

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New Rules, Proposed Rules, Guidance and Alerts - PROPOSED RULES - SEC Proposes Changes to Fund Liquidity Disclosure Requirements - On March 14, 2018, the SEC issued proposed amendments to the disclosure requirements...more

BakerHostetler

New SEC Enforcement Initiative Encourages Advisers to Self-Report Mutual Fund Share Class Violations

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On February 12, 2018, the Division of Enforcement of the U.S. Securities and Exchange Commission (“SEC”) announced a new initiative to encourage advisers to self-report share class violations. Share class violations occur...more

Morgan Lewis

SEC Launches Self-Reporting Initiative for Mutual Fund Share Classes

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The US Securities and Exchange Commission's Division of Enforcement announced that it will not recommend monetary penalties against investment advisers that self-report mutual fund share class violations involving Rule 12b-1...more

Alston & Bird

SEC Announces Investment Adviser Amnesty for Undisclosed Collection of 12b-1 Fees

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Our Securities Litigation Group reviews the Securities and Exchange Commission Division of Enforcement’s new self-reporting initiative and debates the wisdom of investment advisers admitting their conflicts of interest. -...more

Burr & Forman

SEC Announces Share-Class Enforcement Initiative for Advisers

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After several years of examination focus and a series of enforcement actions, the SEC’s Enforcement Division on February 12 announced a “Share Class Selection Disclosure Initiative” in an attempt to level-set industry...more

McGuireWoods LLP

SEC Launches Self-Reporting Initiative for Investment Advisers

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In line with Chairman Jay Clayton’s oft-stated priority of protecting the long-term interests of Main Street investors, on Feb. 12, 2018, the Securities and Exchange Commission’s Division of Enforcement announced the launch...more

Dorsey & Whitney LLP

SEC Targets Advisers With New Cooperation Initiative

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The SEC’s Division of Enforcement announced a new cooperation initiative addressed to investment advisers who have failed to disclose conflicts arising from the receipt of 12b-1 fees from mutual funds. In essence, the...more

Maynard Nexsen

Ripeness: A Question of Subject Matter Jurisdiction - Allied World Surplus Lines Insurance Company v. Blue Cross and Blue Shield...

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Addressing a contractual requirement to exhaust Alternative Dispute Resolution (ADR) prior to commencing litigation, the United States District Court for the District of South Carolina chose to forge its own path, rejecting...more

Carlton Fields

SEC Seeks Fund Responses to Distribution-In-Guise Guidance

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Since at least March 2016, SEC examiners have reportedly been checking whether mutual fund firms are complying with the SEC staff’s recent guidance on “distribution-inguise.” The guidance suggests that fund boards,...more

Foley & Lardner LLP

A Compilation of Non-Enforcement and Enforcement Actions

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Non-Enforcement - Mutual Fund Directors Must Be Vigilant in Addressing Risks - In remarks to the Mutual Fund Directors Forum, SEC Chair Mary Jo White outlined some of the risks and challenges that mutual fund...more

Carlton Fields

SEC Eyes Mutual Fund Transfer Agents

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The SEC’s December advance notice of proposed rulemaking, concept release and request for comment (ANPR) concerning its transfer agent rules, may foreshadow significant changes for mutual fund transfer agents. Even though...more

Foley & Lardner LLP

A Compilation of Enforcement and Non-Enforcement Actions

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Non-Enforcement - FINRA’s Proposed Pay-to-Play Rule Will Impact Investment Advisers - Late last year (December 24, 2015), the Financial Industry Regulatory Authority (FINRA) submitted a proposed rule to the U.S....more

Katten Muchin Rosenman LLP

SEC Issues Guidance on Mutual Fund Payment of Distribution Fees to Intermediaries

On January 6, the staff of the Securities and Exchange Commission's (SEC's) Division of Investment Management issued Guidance Update 2016-01, "Mutual Fund Distribution And Sub-Accounting Fees" (the "Guidance"). The Guidance...more

Goodwin

SEC Publishes Guidance on Mutual Fund Distribution and Sub-Accounting Fees

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On January 6, 2016, the staff (the “Staff”) of the SEC’s Division of Investment Management published guidance (the “Guidance”) containing the Staff’s views and recommendations relating to mutual fund distribution and...more

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