The advice concerned mutual funds, illiquid alternative investments and cash sweep vehicles.
Tag: 12b-1 fees
The Commission says the broker/dealer charged clients 12b-1 fees when they qualified for lower-cost shares.
According to the SEC, two firms will collectively pay more than $1.8 million for violations related to share class disclosure failures.
Attorneys warn the “other shoe has dropped” in the SEC’s special Share Class Disclosure Initiative—and RIAs that did not self-report potential 12b-1 fee disclosure violations are now being investigated.