Securities Regulation Daily Wrap Up, ENFORCEMENT—SEC fines adviser over $375K for improper liability disclaimer, fee violations, (Jan 12, 2022)

By Lene Powell, J.D.

Although the SEC uses a facts-and-circumstances test whether a particular hedge clause is improper, in this case the firm’s broad attempt to limit its liability stepped over the line.

In a settled order, Comprehensive Capital Management (CCM), a New Jersey-based investment adviser, agreed to pay over $375,000 in disgorgeme ...