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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The SEC voted unanimously to propose amendments to filing obligations that would expand the requirement of electronic filing of documents on the SEC's Investment Adviser Registration Depository and EDGAR system.
The MFA and the Alternative Investment Management Association asserted that the SEC proposed rule on business continuity and transition plans for investment advisers is "unnecessary," since "existing SEC guidance has already caused most investment advisers to implement business continuity plans."
The SEC Investor Advocate responded to Nasdaq's recent request for comments regarding its current shareholder approval rules.
The SEC hosted a conference that commemorated the 75th anniversary of the Investment Company Act and the Investment Advisers Act. The SEC noted that it currently oversees registered investment companies with a combined $17.8 trillion in assets and registered investment advisers with approximately $67 trillion in regulatory assets under management. The SEC's announcement of the 1940 Acts' 75th anniversary quotes SEC Chair Mary Jo White as saying that "[f]or 75 years, these Acts have served as a strong foundation for the Commission's regulation of the asset management industry. Their flexibility