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News October 12, 2015 Issue

Dissent: Backtesting Requirements Should Not Be Set by Commission Opinion

How do you define performance backtesting in advertising? Not through a Commission Opinion on an enforcement appeal, according SEC commissioners Michael Piwowar and Daniel Gallagher. The two commissioners on dissented from a Commission Opinion that upheld an administrative law judge’s ruling against an adviser accused of providing fraudulent misrepresentations to prospective clients.

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