The SEC charged 21 registered investment advisers and 6 broker-dealers for failure to timely file and deliver Form CRS to their retail investors. The individual actions involved penalties ranging from $10,000 to $97,523, for a total of $910,000. The SEC brought these charges after these firms were warned twice about their failures. The speed with which these actions were brought, just over one year after the compliance date for the new requirement, and the bundling of 27 actions for greater impact, is a signal to the industry that enforcement of these new rules is a priority for Chair Gary Gensler.
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