The SEC Office of Investor Education and Advocacy issued an Investor Bulletin detailing factors to consider when opening an investment advisory account.
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Citigroup Global Markets, Inc. agreed to pay $18.3 million to settle SEC allegations that the dually registered investment adviser and broker-dealer overcharged clients on numerous advisory accounts.
Morgan Stanley Smith Barney LLC, an investment advisory firm, agreed to pay a $13 million penalty to settle SEC charges alleging the firm (i) overbilled investment advisory clients, and (ii) committed custody examination, and books and records violations under the Investment Advisers Act.
The SEC Division of Investment Management updated its guidance on mutual fund disclosure to facilitate compliance with the Department of Labor's fiduciary rule.
The American Council of Life Insurers, et.al., filed a complaint against the Department of Labor seeking declaratory and injunctive relief to prevent the implementation of the fiduciary rule.