Prominent Investment Adviser and Former Chief Compliance Officer Settle SEC Enforcement Action Arising from Failure to Disclose Conflict of Interest Regarding Outside Business Activities
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BlackRock Advisors, LLC and its former chief compliance officer recently settled an SEC enforcement action alleging that (i) BlackRock violated its fiduciary duty to clients by failing to disclose a material conflict of interest concerning the outside business activities of a portfolio manager and (ii) BlackRock failed to adopt and implement policies and procedures regarding outside activities of employees, and the chief compliance officer caused such failure.
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