The North American Securities Administrators Association (NASAA) published its annual enforcement report on Sept. 29. In the report, state securities regulators conducted an increasing number of investigations and enforcement actions related to digital assets, precious metals and other commodities, internet and social media schemes, and self-directed individual retirement accounts. In its report, based on 2020 […]
The SEC recently took enforcement actions against three Registered Investment Advisers (RIAs) that breached their fiduciary duty to advisory clients. In particular, the SEC took disciplinary action against RIAs over issues related to 12b-1 fees, revenue sharing arrangements and wrap fee programs. In brief: The SEC found that one of the firms failed to report […]
The SEC has been watching wrap fee programs for quite a while. From 2017-19, the SEC’s annual examination priorities named wrap fee programs as putting investors at risk. The SEC’s Division of Examinations (Division) released a July 21, 2021 Risk Alert with guidance from examiners during its Wrap Fee Initiative. The Risk Alert, “Observations from […]
The COVID-19 pandemic has been a catalyst for dynamic change for advisor businesses in all but one area – the ongoing and inexorable march of regulation and compliance. Many regulatory deadlines and expectations have not been deflected by the real-world chaos that advisory firms are dealing with. A quick breather and a situational analysis on […]
