The program keyed on what the SEC called “potential widespread violations” relating to the disclosure of 12b-1 fees on mutual funds sold to retail investors. (Photo: Shutterstock)
The Securities and Exchange Commission has settled charges with 79 investment advisory firms under its share-class disclosure initiative, which was launched just over a year ago.
More than $125 million will be returned to investors from the settlements, which includes earnings from improper or undisclosed fees and interest on the earnings. Under the terms of the program, the SEC will not impose penalties against the self-reporting firms.
Under the SCDI, registered advisers were allowed to self-report violations of the Investment Advisers Act of 1940 within a four-month period.
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