SEC eyes firms for missteps with required reporting (FundFire)

The SEC has kept its foot on the pedal as it accumulates more enforcement actions, this time for a clear and obvious violation. Several recent cases resulted in fines for firms failing to file Form 13F quarterly holdings reports, with one firm that neglected to file for four years fined $725,000. FrontLine’s Founder and President, Amy Lynch, comments that most firms conduct their 13F filings in a timely manner and without issue. She believes it is unlikely the violations arose as part of onsite examinations since the form filings are not typically requested. Ms. Lynch explains that the violations may have been discovered from a remote SEC sweep exam focused on filings data or because of an internal scrub of EDGAR 13F data. See FundFire (subscription required), “NEPC, TD Wealth Unit Among 11 Firms Dinged for Reporting Lapses”