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News April 16, 2018 Issue

New Share Class Settlements May Increase Self-Reporting Pressure on Advisers

Is it a coincidence? With just under two months before the SECís Share Class Selection Distribution initiativeís self-reporting deadline, the agency on April 6 announced new share-class settlements with three advisory firms containing civil money penalties that collectively total almost $2 million. The SEC used the occasion to issue a press release that "strongly encourage[s]" advisers to participate and avoid such fines themselves.

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