(Hedge Fund Law Report) Consistent with its oft-repeated goal of protecting retail investors, the SEC recently settled three enforcement actions against investment advisers who allegedly failed to make adequate disclosures concerning their conflicts of interest in selecting mutual fund share classes for clients, failed to achieve best execution for those clients and made material misstatements in public filings concerning those practices. This article analyzes the alleged violations and the settlement order against each of the three advisers.
SEC’s Pursuit of Mutual Fund Share Class Violations Continues Unabated
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