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.
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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