On Jul. 19, OSC announced settlement with Caldwell investment. OSC alleged Caldwell violated best execution obligations in equity and bond trades. Settlement Terms Caldwell ordered to pay $1.8mn penalty, half on Jul. 19, 2019 and rest in Apr. 2019. It must also reimburse OSC $250k for its investigation into its compliance failures. Firm will be…
Read more
SEC Exam Best Execution Issues
On Jul. 11, SEC issued alert on best execution issues in adviser exams. Described common best execution findings, cited in deficiency letters sent to IAs. Fiduciary Standardu Advisers Act has established a federal fiduciary standard for investment advisers. To seek to obtain best execution of client trades based on facts and circumstances. When directing brokerage,…
Read more