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News April 27, 2015 Issue

BlackRock Conflict of Interest Case Includes First Rule 38a-1 Board Disclosure Charge

The SEC on April 20, as part of a conflict of interest administrative action, charged an advisory firm and its chief compliance officer with causing the violation of an Investment Company Act Rule 38a-1 requirement to report material compliance matters to fund boards. It hit a major bullseye the firm was BlackRock Advisors, which paid a $12 million penalty to settle the case.

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