News & Analysis as of

Self-Reporting Investment Adviser Enforcement Actions

Seward & Kissel LLP

Financial Services Firm Affiliates Settle Five SEC Enforcement Actions for Allegedly Misleading Customers and Failing to Act in...

Seward & Kissel LLP on

Who may be interested: Registered Investment Companies; Registered Investment Advisers; Broker Dealers; Compliance Officers; Boards of Directors - Quick Take: The SEC recently settled five separate enforcement proceedings...more

Latham & Watkins LLP

SEC Brings Charges for Failure to File Forms 13F (Investment Manager Share Positions) and 13H (Large Trader Registration)

Latham & Watkins LLP on

The SEC’s September 17, 2024, actions signal its commitment to penalize non-compliance, while encouraging market participants to self-report violations. On September 17, 2024, the US Securities and Exchange Commission...more

SEC Compliance Consultants, Inc. (SEC³)

Regulatory Roundup for August 2024

More Flack on WhatsApp, Hypothetical Performance SmackDown, A Timely Warning on the Pay-to-Play Rule, and Updates to Qualifying Venture Capital Fund Exemption - This month's big news from the SEC was more piggy-bank breaking...more

Seward & Kissel LLP

SEC Announces Robust Fiscal Year 2023 Enforcement Results

Seward & Kissel LLP on

Who may be interested: Registered Investment Companies; Directors of Registered Investment Companies; and Investment Advisers - Quick Take: The SEC’s Division of Enforcement (Enforcement) released a report summarizing its...more

White & Case LLP

SEC’s Focus on Off-Channel Communications Continues

White & Case LLP on

On September 29, the US Securities and Exchange Commission ("SEC") brought its latest wave of enforcement actions related to "off-channel communications," charging 10 additional firms with failing to maintain employee...more

Ballard Spahr LLP

The SEC’s Recent Personal Device Settlements Shed Light on the Question of Self-Reporting

Ballard Spahr LLP on

Summary - Two more broker-dealers became the latest financial institutions to settle with the SEC for failing to maintain and preserve electronic communications. What distinguishes these settlements from the 17 prior...more

Faegre Drinker Biddle & Reath LLP

The SEC’s SCSD Initiative Second Wave and the Applicability of the President’s Recent Executive Order

On September 30, 2019, the SEC ordered an additional 16 self-reporting investment advisory firms to pay nearly $10 million in disgorgement. Some have referred to this as the “second wave” of the SEC Division of Enforcement’s...more

Faegre Drinker Biddle & Reath LLP

The SEC Files Another Litigated Disclosure Case – With More Violations

On August 29, 2019, the SEC filed a complaint against a registered investment adviser alleging failures to disclose four categories of conflicts of interest and seeking disgorgement of $10 million in undisclosed compensation....more

Kramer Levin Naftalis & Frankel LLP

SEC Sues Investment Adviser for Nondisclosure of Revenue Sharing Agreement Details

On Aug. 1, the Securities and Exchange Commission (the SEC) charged Commonwealth Equity Services LLC, dba Commonwealth Financial Network (Commonwealth), a registered independent investment adviser to private clients (but not...more

UB Greensfelder LLP

FINRA’s 529 Share Class Self-Disclosure Initiative: If It’s Good Enough For The SEC, It Must Be Good Enough For FINRA

UB Greensfelder LLP on

About a year ago, the SEC offered investment advisors the unique opportunity to report themselves to the SEC if they sold mutual funds to their clients that offered a lower priced share class than the class actually selected...more

Moore & Van Allen PLLC

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

Moore & Van Allen PLLC on

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

BakerHostetler

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

BakerHostetler on

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

Alston & Bird

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

Alston & Bird on

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

McGuireWoods LLP

SEC Launches Self-Reporting Initiative for Investment Advisers

McGuireWoods LLP on

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

Dorsey & Whitney LLP on

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

Bradley Arant Boult Cummings LLP

SEC Encourages Advisors to Self-Report Fiduciary Violations by June 12, 2018

The SEC announced a self-reporting initiative for investment advisors who admit violations of the federal securities laws relating to certain mutual fund share class election issues while promptly returning money to harmed...more

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