Retail Investment Advisers Beware – The SEC Is Watching

Law360 (January 9, 2019, 12:46 PM EST) -- Two years after the demise of Operation Broken Gate, the U.S. Securities and Exchange Commission is an agency of limited resources with a seeming laser focus both on protecting Main Street investors from fraudulent acts and the hot topics of the day (e.g., ICOs and cybersecurity).[1] That has left many sophisticated, SEC-registered entities breathing a sigh of relief. But that is not the case for retail investment advisers. Even without the Share Class Disclosure Initiative targeting 12b-1 fees, retail IAs are within the SEC’s sightlines, with the Enforcement Division bringing a significant number of cases against them in apparent coordination with...

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