Defendant Name:
National Asset Management, Inc.
Defendant Type:
Subsidiary of Public Company
Document Reference:
2019-28_3-19061
Document Details
Legal Case Name
In the Matter of National Asset Management, Inc.
Document Name
SEC Share Class Initiative Returning More Than $125 Million to Investors
Document Date
11-Mar-2019
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On March 11, 2019, the SEC "announced settled charges against 79 investment advisers who will return more than $125 million to clients, with a substantial majority of the funds going to retail investors. The actions stem from the SEC's
Share Class Selection Disclosure Initiative
, which the SEC's Division of Enforcement announced in February 2018 in an effort to identify and promptly correct ongoing harm in the sale of mutual fund shares by investment advisers. The initiative incentivized investment advisers to self-report violations of the Advisers Act resulting from undisclosed conflicts of interest, promptly compensate investors, and review and correct fee disclosures. The orders issued today address advisers who directly or indirectly received 12b-1 fees for investments selected for their clients without adequate disclosure, including disclosures that were inconsistent with the advisers' actual practices."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Undertakings: "Each adviser has also undertaken to review and correct allrelevant disclosure documents concerning mutual fund share class selection and 12b-1 fees and to evaluatewhether existing clients should be moved to an available lower-cost share class and move clients, as necessary."
Self Reporting to SEC
Monetary Penalties:
Disgorgement
(Penalty was noted in document, but no amount was listed)
Pre-Judgment Interest
(Penalty was noted in document, but no amount was listed)
