Asset Manager Considerations After SEC's Pricing Data Case

Law360 (February 16, 2021, 5:29 PM EST) -- The U.S. Securities and Exchange Commission settled a novel enforcement action against ICE Data Pricing & Reference Data LLC in December 2020.[1] ICE is a pricing service that supplies data to investment managers.

Although the SEC alleged only violations of the compliance rule under the Investment Advisers Act, the action is a reminder to all investment advisers to be vigilant in their oversight of vendors of critical services to protect their own clients. It's also a reminder that long-running practices can be problematic.

Background

Pricing services are a critical part of the infrastructure of the asset management industry, helping money managers...

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