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Considerations Before Self-Reporting Under SEC Initiative

Law360 (March 5, 2018, 12:55 PM EST) -- On Feb. 12, 2018, the U.S. Securities and Exchange Commission announced the “Share Class Selection Disclosure Initiative,” led by the asset management unit of the enforcement division. To encourage self-reporting and participation in the SCSD Initiative, the enforcement division advises in the release that it “will agree not to recommend financial penalties against investment advisers who self-report violations of the federal securities laws relating to certain mutual fund share class selection issues and promptly return money to harmed clients.” The enforcement division also warns that it “expects...
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