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News October 28, 2019 Issue

Share Class Settlement Focuses on Fiduciary Breach, Inadequate Disclosure, Best Execution Failure

SECís settlements with advisory firms involving share class violations have gotten a lot of attention recently, particularly when the advisers self-reported under an agency initiative and avoided civil money penalties. Not every advisory firm qualified for that initiative, however, as a recent settlement shows where an adviser had to pay more than $1.5 million, including a $140,000 fine.

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