Regulatory Alerts2020-07-01
Added · Updated
Guidance Statement 2020-01-SB: Investment Adviser Fee Considerations for Illiquid Products
The Idaho Department of Finance issued Guidance Statement 2020-01-SB to alert state-registered investment advisers about fiduciary obligations and fee disclosures regarding illiquid securities. The guidance warns that charging ongoing advisory fees for assets that cannot be actively managed may constitute unreasonable fees and violate the Idaho Uniform Securities Act. Advisers are required to ensure suitability, disclose conflicts of interest, and justify fee structures to avoid being deemed dishonest or unethical practices.
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