An investment adviser settled SEC charges for overcharging approximately 10,000 clients an aggregate of $26.8 million.
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House Committee on Small Business Chairman Roger Williams (R-TX) questioned whether the SEC considered the effects on small investment advisory practices, capital access and innovation when the agency proposed new Exchange and Private Fund Adviser rules.
An investment adviser settled SEC charges for imposing excess management fees and failing to disclose conflicts of interest.
In separate actions, an investment adviser settled SEC charges for (i) failing to disclose material information as to distributable income in a closed-end fund, and (ii) failing to waive certain advisory fees as required by an agreement with a mutual fund.
A dual registrant settled SEC allegations for charging advisory clients undisclosed or misstated fees on foreign exchange account transfers.