The SEC settled charges against two investment advisory firms in conjunction with compliance failures within their wrap fee programs.
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The SEC approved two rulemaking proposals at its open meeting about the modernization of investment company and investment adviser reporting. The proposals pertained to the reporting and disclosure of information. Investment Adviser Act Rule Changes, Including to Form ADV The following aspects of the changes are most relevant to investment advisers: (i) The changes would require an investment adviser to provide additional general information about its business, such as the physical locations where its employees are based, how the firm's CCO is compensated, how the firm uses Web sites and