ARLINGTON, VA. -- When SEC examiners come to inspect an advisory practice, the exercise seldom results in an enforcement action. But in nearly all their reviews, examiners cite the advisor for insufficient disclosures about conflicts of interest, according to a senior commission official.
"One of the takeaways is almost every exam report has a deficiency in disclosure and conflicts of interest," said Daniel Kahl, assistant director of the Investment Adviser Regulation Office within the SEC's Division of Investment Management. "I recognize that it's a difficult task. And it can be hard to resolve and address all the conflicts."
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