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Investment Management Legal and Regulatory Update - October 2021

October 13, 2021
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Latest developments: Funds

  • SEC Proposes Enhanced Proxy Voting Disclosure
  • Proposal Threatens Tax Benefits of ETFs

Latest Developments: Advisers

  • SEC Risk Alert on Fixed Income Principal and Cross Trades
  • SEC Risk Alert on Advisers Managing Client Accounts that Participate in Wrap Fee Programs 
    • Examinations Staff Observed Deficient Practices
    • Observed Practices to Assist With Compliance

Litigation/enforcement actions

  • Mutual Fund Share Class Selection Disclosure Violations
    • SEC Orders Former Adviser to Return Over $900,000 to Clients
    • SEC Charges Adviser for Investing Wrap Fee Client Assets in Higher Cost Mutual Funds to Avoid Paying Transaction Costs
  • SEC Chair Signals Possible Cybersecurity Rules Forthcoming as Advisory Firms Face Cyber-Related Enforcement Actions
    • Cetera Fined $300,000 For Safeguards Rule Violation
    • Cambridge Fined $250,000 for Safeguards Rule Violation
    • KMS Fined $200,000 for Safeguards Rule Violation
  • Great-West Prevails in Appeal of Excessive Fee Challenge Case

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