SEC Release IA-1092
Definition of 'SEC Release IA-1092'
The release also provides guidance on the factors that the SEC will consider in determining whether an investment adviser has engaged in fraud. These factors include, but are not limited to, whether the adviser:
* Made false or misleading statements or omissions of material fact;
* Engaged in manipulative or deceptive practices;
* Exploited a client's trust or confidence; or
* Otherwise acted in a manner that was inconsistent with the duty of care owed to clients.
The release emphasizes that the antifraud provisions are designed to protect investors from fraud and that the SEC will take action against investment advisers who violate these provisions.
The release is important because it provides clear guidance on the application of the antifraud provisions to investment advisers. This guidance will help investment advisers to comply with the law and protect their clients from fraud.
In addition to providing guidance on the application of the antifraud provisions, the release also provides guidance on the following topics:
* The meaning of "material fact"
* The duty of care owed by investment advisers to their clients
* The factors that the SEC will consider in determining whether an investment adviser has engaged in fraud
* The types of conduct that the SEC considers to be fraudulent
The release is a valuable resource for investment advisers and should be consulted by any adviser who is unsure of their obligations under the antifraud provisions.
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