On October 26, 2021, the U.S. Securities and Exchange Commission’s Division of Examinations (Exams) issued a Risk Alert regarding mutual funds and exchange-traded funds intended to “highlight risk areas and assist funds and their advisers in developing and enhancing their compliance programs and practices” as they pertain to retail investors. This Risk Alert is the result of the registered investment companies (RIC) initiatives that were announced in a Risk Alert in November of 2018, and observations made by the staff of Exams in regard to the RIC Initiatives.
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