Law360, New York ( July 1, 2015, 10:43 AM EDT) -- In a cease-and-desist order entered on June 17, 2015, the U.S. Securities and Exchange Commission found that a fund adviser, two independent trustees and an inside trustee willfully violated Section 15(c) of the Investment Company Act of 1940 by failing to satisfy specific requirements for approving a fund's investment advisory agreement. The SEC also found that the funds' administrator caused one of the funds to violate Section 30(e) of the 1940 act, and Rule 30e-1 thereunder, by omitting disclosure related to the trustees' evaluation of the advisory and subadvisory agreements under Section 15(c)....
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