The Securities and Exchange Commission has brought a wave of enforcement actions against investment advisory firms lately for compliance failures, and all indications are that the agency is just getting started on the crackdown.
Some firms the SEC is targeting haven't even experienced fraudulent behavior, but the SEC is charging the investment advisers with not having a workable compliance program in place.
The enforcement push comes as the SEC's Enforcement Division begins to flex the muscle of its newly created Asset Management Unit, which essentially provides the SEC with a “more sophisticated cop on the beat,” says Jordan Thomas, chair of the whistleblower representation practice at law firm Labaton Sucharow and former assistant director in the SEC's asset... To get the full story, subscribe now.
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