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SEC Fiduciary Duty

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Lauri London, counsel at Cohen & Buckmann, pens her analysis of the SEC's IA fiduciary duty interpretation and whether the interpretation plows new legal ground.
If you were among those who predicted the SEC’s fiduciary duty rulemaking would prompt a legal action, count yourself correct. Attorneys general from seven states ...
A lawsuit filed Aug. 29 in federal court claims an adviser breached its fiduciary duty obligations by placing clients in higher fee mutual fund share ...
SEC Charges Investment Adviser with Defrauding Its Advisory Clients Litigation Release No. 24581 / August 29, 2019 Securities and Exchange Commission v. Cetera Advisors, LLC, ...
In rule document 2019–12164, appearing on pages 33318 through 33492, in the issue of Friday, July 12, 2019 make the following corrections: 1. On page ...
A New York assemblyman is preparing legislation that will bring the ongoing battle over whether broker-dealers owe a fiduciary duty to their clients to the ...
As fee structures grow more complicated, so must your oversight. Controls at many firms “are not keeping up with the complexity of fees that are ...
Speaking before a group in Boston that included retail investors, SEC Chairman Jay Clayton July 8 vigorously defended the Commission’s actions in passing fiduciary duty ...
I want to address a general issue—whether it is appropriate to maintain a regulatory distinction between broker-dealers and investment advisers. A number of commenters expressly ...
One year after the SEC’s Investor Advocate Rick Fleming stated in his annual report to Congress on his objectives that the Commission’s three fiduciary duty ...
The Commission’s complaint alleged that Chiat defrauded investors in the funds, and violated his fiduciary duty as an adviser to the funds, by making false ...
SEC Charges Municipal Advisor with Breaching Fiduciary Duty Litigation Release No. 24520 /June 27, 2019 Securities and Exchange Commission v. Comer Capital Group, LLC and ...
These proceedings involve a violation of the Municipal Securities Rulemaking Board’s (“MSRB”) “fair dealing” rule by Respondent in connection with a municipal bond offering. In ...
The Commission’s complaint alleged that, during the period from 2011 through 2014, Dean recommended to thirteen customers a pattern of high cost, in-and-out trading without ...
Although there are similarities between the two standards that investment advisers and broker-dealers must live under – each must put their client’s interest ahead of ...
The complaint alleged that Aquino persuaded at least seven customers to maintain securities trading accounts with him at the firm and assured them that ...
For the lone dissenter at last week’s SEC open meeting considering the fiduciary duty proposals the issue was simple—in his mind the rules didn’t require ...
Commissioner approval of rules and interpretations tied to fiduciary duty represented a “culmination of decades of work,” noted Barbara Gunn, assistant regional director in the ...
While advisers must demonstrate a duty of care and loyalty and seek best execution on behalf of their clients, RIAs can carve their fiduciary duty ...
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