An investment adviser settled SEC charges for breach of fiduciary duty in connection with its affiliates' receipt of third-party compensation related to the sale of shares in mutual funds.
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An insurance and financial holding company settled SEC charges for failing to maintain (i) accurate books and records and (ii) a sufficient system of internal account controls in connection with its annuities products.
The SEC and the CFTC cited ongoing litigation as the reason they declined to issue a joint interpretation on whether a particular Reinsurance Participation Agreement is classified as a swap, security-based swap or mixed swap.