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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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
