On February 12, 2018, the U.S. Securities and Exchange Commission announced an initiative to address undisclosed conflicts of interest by investment advisers in the context of mutual fund share classes. Dubbed the Share Class Selection Disclosure (“SCSD”) Initiative, the program encourages investment advisers to self-report potential violations by June 12, 2018, in exchange for favorable settlement terms.
The Potential Violations
An investment adviser often has several share classes to choose from when investing in a mutual fund for a client. One share class may charge a ...
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