Recent News
Alert Update: SEC Mutual Fund Share Class Disclosures
The SEC Division of Enforcement announced a "Share Class Select Disclosure Initiative" intended to protect and reimburse investors from an adviser’s conflict of interest. The SEC initiative offers an incentive to advisers and associated entities to self-report conflicts of interest that are in violation of Investment Advisers Act (12b-1) fiduciary duties regarding fees collected on mutual fund share classes, when lower-cost share classes of the same fund were available. The deadline to conduct this analysis, address these issues, and self-report is Tuesday, June 12th – only seven weeks away.
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Alert: SEC Proposes “Regulation Best Interest”
At an open meeting, the Securities Exchange Commission voted 4-1 to propose a set of rulemakings and interpretations designed to establish clear relationship standards between broker dealers and investment advisers and their retail clients. The SEC prescription comes on the heels of the 5th Circuit Court of Appeals decision to vacate the Labor Department’s stricter “fiduciary duty rule” promulgated under the Obama administration.
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Bates Group Welcomes Our New Experts & Consultants
Bates Group is pleased to introduce our new experts and consultants: Michael Conn, Will Freebing, Mike Putetti and Art Sims.
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