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ARTICLE · 01 NOVEMBER 2016

SEC Probes Share Class Recommendations

Carlton Fields
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In July, the Securities and Exchange Commission's OCIE announced an initiative to identify instances where registered investment advisers may be improperly influenced by conflicts of interests...

United StatesCorporate/Commercial Law
Thomas C. Lauerman
Thomas C. Lauerman

In July, the Securities and Exchange Commission's Office of Compliance Inspections and Examinations (OCIE) announced an initiative to identify instances where registered investment advisers may be improperly influenced by conflicts of interests when they decide what class of mutual fund or Section 529 plan shares to recommend to their retail clients.

OCIE is focused particularly on conflicts that may exist when an adviser recommends a share class that has "substantial" loads or distribution fees, and

  • undisclosed compensation or incentives are being paid to the adviser or its associated person or affiliate. For example, if the adviser (or its affiliate) is a registered broker-dealer, they may be receiving compensation in that capacity; or

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