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Nonetheless, because the SEC’s order finds, “Van Eck Associates didn’t disclose the influencer’s deliberate involvement and the sliding scale payment construction to the ETF’s board in reference to its approval of the fund launch and of the administration payment.”
Andrew Dean, Co-Chief of the Enforcement Division’s Asset Administration Unit, stated Friday that “fund boards depend on advisers to offer correct disclosures, particularly when involving points that may influence the advisory contract, referred to as the 15(c) course of. Van Eck Associates’ disclosure failures regarding this high-profile fund launch restricted the board’s capacity to contemplate the financial influence of the licensing association and the involvement of a outstanding social media influencer because it evaluated Van Eck Associates’ advisory contract for the fund.”
Van Eck Associates consented to the entry of the SEC’s order discovering that it violated the Funding Firm Act and Funding Advisers Act.
With out admitting or denying the SEC’s findings, Van Eck Associates agreed to a cease-and-desist order and a censure along with the financial penalty.
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