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SEC Increases Scrutiny Of Fund Administrators, Financial Attorneys Say Amid Settlements

Member David Adams spoke to The National Law Journal about the recent SEC "gatekeeper" cases against fund administrators and other third parties providing services to SEC-registered advisers. David commented, "Unlike broker-dealers or investment advisers, fund administrators are not registered under the SEC. One could say, ‘Well, the SEC is kind of extending its authority out over entities that are not themselves SEC registrants'. Under this concept of a ‘gatekeeper,’ the SEC is going after accountants and other industry professionals that may not be registered with the SEC for violations caused by entities that are registered with the SEC."


The National Law Journal