May 2, 2018
SEC Issues FAQs for Share Class Selection Disclosure Initiative
WHAT HAPPENED?
On May 1st, 2018, the Securities and Exchange Commission Division of Enforcement issued a list of 19 Frequently Asked Questions on the Share Class Selection Disclosure Initiative, going in-depth on adviser eligibility, disgorgement and the distribution of funds to clients.
The Share Class Selection Disclosure (SCSD) Initiative, released on February 12th, is designed to protect advisory clients from undisclosed conflicts of interest and return money to those affected.
WHAT DOES THIS MEAN FOR ME?
The views expressed in the FAQs are only those of the Division of Enforcement and relate only to the SCSD initiative itself. Those interested in self-reporting under the initiative have until June 12th.
As always, Fairview is committed to ensuring its clients are exhibiting the best compliance practices, including disclosing any relevant conflicts of interests. Please contact Fairview, at info@fairviewinvest, if you have any questions or concerns about how the SCSD may relate to your firm.
Sources: https://www.sec.gov/news/press-release/2018-75
https://www.sec.gov/enforce/educationhelpguidesfaqs/share-class-selection-disclosure-initiative-faqs
http://www.fairviewinvest.com/sec-announces-share-class-selection-disclosure-initiative/
