Defendant Name: City National Rochdale, LLC

Defendant Type: Subsidiary of Public Company
Public Company Parent: Royal Bank of Canada
SIC Code: 6211
CUSIP: 78008710

Initial Case Details

Legal Case Name In the Matter of City National Rochdale, LLC
First Document Date 03-Mar-2022
Initial Filing Format Administrative Action
File Number 3-20789
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

Other
• Sections 206(2), 206(4) Advisers Act; Rule 206(4)-7 Advisers Act

Resolutions

First Resolution Date 03-Mar-2022
Headline Total Penalty and Disgorgement $30,361,804

Related Documents:

34-94352 03-Mar-2022 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On March 3, 2022, the SEC instituted settled administrative and cease-and-desist proceedings against City National Rochdale, LLC, stating: "This matter concerns breaches of fiduciary duty by registered investment adviser City National Rochdale relating to its use of proprietary mutual funds and share classes that charged some clients higher fees than others."
2022-33 03-Mar-2022 Press Release--Administrative Proceeding
City National Rochdale to Pay More Than $30Million for Undisclosed Conflicts of Interest
The SEC "announced that registered investment adviser City National Rochdale, LLC (CNR) has agreed to pay more than $30 million to settle charges that its undisclosed conflicts of interest defrauded current and prospective clients. The money CNR pays will be placed into an SEC Fair Fund for distribution to harmed investors."