On March 11, 2019, the US Securities and Exchange Commission (“SEC”) announced that it settled charges against 79 investment advisers who self-reported violations in connection with the SEC’s Share Class Selection Disclosure Initiative. In this Legal Update, we discuss in detail the initiative and the eligibility requirements for advisers, review the regulatory activity in this area prior to the announcement of the initiative and summarize the settled enforcement actions against these self-reporting advisers.
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