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Investment Advisers Act of 1940 Conflicts of Interest Investment Funds

Troutman Pepper Locke

SEC Charges TZP Management Associates With Breaching Fiduciary Duty by Overcharging Management Fees to Private Funds

Troutman Pepper Locke on

Last week, TZP Management Associates, LLC (TZP), a New York-based private equity investment adviser, agreed to pay more than $680,000 in monetary relief to settle charges brought by the Securities and Exchange Commission...more

McDermott Will & Schulte

SEC charges PE firm for alleged disclosure failures related to fee offsets

On August 15, 2025, the US Securities and Exchange Commission (SEC) charged a New York-based private equity adviser (the Firm) with breaching its fiduciary duties by failing to adequately disclose its practices regarding the...more

Proskauer - The Capital Commitment

SEC Cracks Down on Pension Fund Advisers’ Undisclosed Compensation and Conflicts

In August 2020, the SEC issued two orders against VALIC Financial Advisors Inc. (VFA) related to VFA’s management of 403(b) and 457(b) plans. These matters arise out of two of the SEC’s enforcement initiatives, the Teachers...more

Akin Gump Strauss Hauer & Feld LLP

[Podcast] AG Funds Minutes: SEC Proposes to Modernize Advertising and Cash Solicitation Rules

In this episode, Akin Gump investment management partners Barbara Niederkofler and Jason Daniel discuss the Security and Exchange Commission’s proposed modernization of the advertising and cash solicitation rules under the...more

Herbert Smith Freehills Kramer

SEC Sues Investment Adviser for Nondisclosure of Revenue Sharing Agreement Details

On Aug. 1, the Securities and Exchange Commission (the SEC) charged Commonwealth Equity Services LLC, dba Commonwealth Financial Network (Commonwealth), a registered independent investment adviser to private clients (but not...more

Carlton Fields

Recalls of Loaned Securities by Insurance Dedicated Funds

Carlton Fields on

In March, the SEC sanctioned the investment advisers of two funds supporting variable insurance contracts for inadequate disclosure about the funds’ recalls of loaned portfolio securities in advance of the securities’...more

Kelley Drye & Warren LLP

SEC Continues to Scrutinize the Adequacy and Transparency of Private Equity Fees and Conflicts of Interest

Kelley Drye & Warren LLP on

The Securities and Exchange Commission (“SEC”) has continued to scrutinize the fees and expenses charged by private equity funds to investors, as evidenced by the recent enforcement action against three private equity funds...more

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