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SEC Advisory Committee Recommends Changes to Target-Date Fund Rule
April 16, 2013
The SEC’s Investment Advisory Committee has recommended five changes to the proposed rule on target-date retirement funds issued in 2010. The recommendations largely center around giving both investors and retirement plan consultants more information about fund risk. The stated goal of the recommendations is… read more
LPL and Four Other Firms Fined for Failing to Deliver Prospectuses
January 08, 2013
Broker-dealer LPL was fined $400,000 by FINRA for failing to implement and maintain adequate procedures to ensure timely delivery of mutual fund prospectuses to its customers. LPL is required by the federal securities laws to deliver a prospectus within 3 days to any customer… read more
SEC Charges Advisers/PMs for Failing to Disclose Derivative Strategies
December 20, 2012
On December 19, the SEC announced charges against the investment advisory firms and portfolio managers of a closed-end mutual fund for failing “to adequately inform investors about the fund’s risky derivative strategies that contributed to its collapse during the financial crisis.” The SEC found… read more
SEC Seeks Public Comment on Investor Disclosure Issues
February 13, 2012
As part of a review mandated by the Dodd-Frank Act, the SEC has requested public comment on financial literacy and investor disclosure issues, including issues affecting mutual funds. The public comments will supplement the SEC's own qualitative and quantitative research which includes investor testing. The… read more
SEC Settles with FINRA Over Document Alteration
October 31, 2011
Recently, the SEC settled with FINRA for allegedly altering documents that were requested as part of an SEC examination. The SEC has ordered FINRA to hire an independent consultant within 30 days to review and assess FINRA's policies and procedures relating to document integrity and… read more