Key Takeaways From The SEC's Credit Suisse Settlement

Law360, New York (April 6, 2017, 11:22 AM EDT) -- Jeffrey B. Coopersmith

Rachel Herd The U.S. Securities and Exchange Commission’s April 4, 2017, settlement with Credit Suisse Securities (USA) LLC shows that the agency remains committed to going after investment advisers it believes are improperly purchasing or holding clients’ money in more expensive “Class A” shares of mutual funds rather than less expensive “institutional” shares. For years, other large financial institutions have permitted their representatives to purchase Class A shares for clients on a much larger scale, but only recently did the SEC begin bringing actions against some firms finding fault with the practice. These actions signal the SEC’s intent...

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