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Fees and Expenses: What Examiners Want to Know

Do what you say, and say what you do. Securities regulations have been described as a disclosure regime. As long as a firm discloses to clients what it plans to do with their investments – and does so in a way that will be read and understood by a reasonable person – the firm in many instances can rest easy that it is not breaking its fiduciary duty to those clients.
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Piwowar Turns the Tables on Prudential Regulation Advocates

SEC commissioner Michael Piwowar apparently knows how to play poker. In a recent speech, he decried the efforts of bank regulators and others to expose the asset management industry to "prudential regulation," which would leave advisers, funds and others subject to the same kind of rules that cover the banking industry. But instead of just voicing the same objections to prudential regulation that others have made, he raised the ante by calling for banks to be subject to enhanced disclosure requirements.
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