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Rating:SEC in Compliance Settlement With Advisor Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, June 08, 2006

SEC in Compliance Settlement With Advisor

by: Marie Glancy

The SEC has accepted a settlement from a San Diego-based asset manager and investment advisor over charges in part related to the firm's tardiness in providing adequate written compliance procedures.

According to a Commission document published Tuesday, CapitalWorks Invesment Partners LLC failed to disclose its compliance deficiencies to clients, violating Section 206(4) of the Investment Advisors Act, and did not meet the requirements laid out by Rule 206(4)-7 by the specified deadline of October 5, 2004.

Section 206(4) and Rule 206(4)-7 also apply to mutual fund firms insofar as they serve as investment advisors. The former prohibits advisors from engaging in practices the Commission deems "fraudulent, deceptive, or manipulative." The latter requires advisors registered with the Commission to adopt and implement written policies "reasonably designed" to prevent violation of the Advisors Act. It will take time, and probably a few more charges, to see how the SEC interprets this language.  

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