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Stock Disclosure Enforcement Not ‘Dangerous’ at All, SEC Says

Sept. 14, 2020, 3:58 PM

An SEC suit against Cetera Advisors LLC to enforce disclosure requirements is authorized by statute and doesn’t constitute a regulation in disguise, the agency told a federal court in response to a brief by a financial services group.

And it doesn’t create “dangerous new precedent,” the Securities and Exchange Commission said in its Sept. 11 brief to the U.S. District Court for the District of Colorado. About 100 settled cases and some adjudicated ones “are consistent with the SEC’s view that Cetera’s misconduct in this case violated Section 206(2) of the Advisers Act and the applicable standard of care that ...