On July 21, 2021, the SEC’s Division of Examinations (the Division) issued a Risk Alert detailing more than 20 examinations of investment advisers who engaged in cross trades, principal trades, or both, involving fixed-income securities as part of the Division’s FIX Initiative.
Observations from Examinations of Investment Advisers Managing Client Accounts That Participate in Wrap Fee Programs
On July 21, 2021, the SEC’s Division of Examinations (the Division) issued a Risk Alert detailing examinations of investment advisers participating in wrap fee programs. The Division conducted over 100 examinations of advisers associated with wrap fee programs generally from two perspectives:
Best Practices in Share Class Reviews
The following is a list of best practices applicable to the share class review process. This guide aims to provide helpful tips regarding the process of replacing an advisory client’s existing mutual fund share class with a lower-cost alternative, where it is
Preparing for the Full Implementation of the DOL Fiduciary Rule
The second iteration of the Department of Labor Fiduciary Rule – PTE 2020-02 (DOL Fiduciary Rule) became effective on Feb. 16, 2021. However, the Department of Labor (DOL) provided that it would not pursue enforcement actions against firms who work “diligently” to
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