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The SEC’s Division of Enforcement will recommend that those scores of firms that have self-disclosed violations of the 1940 Act will not be subject to civil penalties, but will be required to return investment losses that resulted in costlier fund recommendations to affected investors. (Photo: Diego Radzinschi/ALM)

The Security and Exchange Commission’s Share Class Selection Disclosure Initiative has brought the mutual fund recommendations of “scores” of RIAs under investigation, according to the agency’s FY 2018 Annual Report.

Nick Thornton


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