Financial Services Firm Settles SEC Charges for Failing to Meet Form CRS Obligations

A financial services firm settled SEC charges for failing to meet filing and posting requirements for its client relationship summary ("Form CRS").

In the Order, the SEC found that the firm did not file its Form CRS prior to the announced deadline, and only did so after the SEC Division of Examinations reached out regarding the failure to file on multiple occasions. Further, the firm did not post the filed Form CRS on its website immediately following filing the form with the SEC.

As a result, the SEC determined that the firm violated (i) Section 204 ("Reports by investment advisers") of the Advisers Act, (ii) IAA Rule 204-1 ("Amendments to Form ADV") and (iii) IAA Rule 204-5 ("Delivery of Form CRS").

To settle the charges, the firm agreed to (i) a cease-and-desist, (ii) a censure and (iii) a civil monetary penalty of $25,000.