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News October 7, 2019 Issue

16 More Advisers Avoid Civil Money Penalties under SEC’s Share Class Initiative

As if the 79 settlements announced in March were not enough, the SEC on September 30 announced settlements with 16 more advisory firms that self-reported share class violations. While all had to collectively pay almost $10 million in disgorgement and prejudgment interest, they were able to avoid paying civil money penalties. Meanwhile, a 17th adviser one that did not self-report share class violations - settled with the agency and paid a $300,000 fine.

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