The SEC charged a New York-based "robo-adviser" with making false claims to investors, breaching its fiduciary duty, and committing related compliance failures.
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News Article ETF Trends February 4, 2011 According to a recent study conducted by the Agricultural Applied Economics Association, index funds had little to do with the speculative price changes, such as oil prices hitting nearly $150 a barrel, in the months leading to the market crash in September 2008, Strong demand, among other reasons, were the actual causes of the huge price increases. Cross References Dodd-Frank Act, Title VII, Sec. 737
Acting Director of the SEC Division of Investment Management ("Division") Dave Grim delivered remarks at the PLI Investment Management Institute. He discussed the Division's priorities regarding data reporting, the use of derivatives by registered investment companies ("RICs") and liquidity requirements. Mr. Grim stated that the Division currently is reviewing its information-collection strategies in order to "enhance and modernize" data reporting to the SEC. He mentioned that the SEC is considering making updates to the basic census information requirements of Form N-SAR to reflect new market
The SEC censured an investment advisory firm for failing to adequately disclose transaction costs to investors participating in a "wrap fee" program.
Several investment advisers settled SEC charges for custody violations on the assets of private funds. The SEC charged the firms for failing to comply with audit and reporting procedures that would have afforded an exemption from the applicable custodial requirements.