Future investigations may not fall directly under the SEC's Share-Class Disclosure Initiative, but will be an offspring of the initiative, according to James Lundy, a partner with Drinker, Biddle & Reath. (Photo: Diego M. Radzinschi/ALM)
Financial advisors registered with the Securities and Exchange Commission should expect continued scrutiny from regulators in the wake of a self-reporting initiative that brought 79 settlements with advisors and returned more than $125 million to investors.
The SEC's Share Class Selection Disclosure Initiative, launched in early 2018, gave advisory firms four months to self-report failures to adequately disclose 12b-1 fees and recommendations of higher cost share classes when lower cost shares of the same investments were available.
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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.
