On July 10, 2020, the Office of Compliance Inspections and Examinations (OCIE) released a Risk Alert highlighting the dangers of ransomware to SEC-registered entities, including investment advisers. The Risk Alert is a response to a marked uptick in both the prevalence and
LIBOR Transition Preparedness
OCIE issued an examination initiative on June 18, 2020, regarding firms’ readiness to transition away from the London Interbank Offered Rate (LIBOR). LIBOR, widely used in the United States and elsewhere as a benchmark rate for various commercial and financial contracts, including
SEC Enforcement Action against Morgan Stanley Smith Barney for Providing Misleading Information to Retail Clients
On May 12, 2020, the SEC announced Morgan Stanley Smith Barney (MSSB) agreed to a $5 million penalty to settle charges that the firm provided misleading information to clients in its retail wrap fee programs regarding trade execution services and transaction costs.
SEC Orders Three Self-Reporting Advisory Firms to Reimburse Investors over Improper Share Class Selection Disclosure
On April 17, 2020, the SEC announced it has settled charges against three firms that self-reported as part of the Division of Enforcement’s Share Class Selection Disclosure Initiative. The SEC’s orders found Merrill Lynch, Pierce, Fenner & Smith Inc. (MLPFS) and Eagle
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