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
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
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
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
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