WASHINGTON—The U.S. Securities and Exchange Commission (SEC) announced it will crack down on financial product providers' fee disclosures in the year ahead in a bid to protect retail investors.
The SEC made it clear that one of its main priorities this year is to protect retail investors, including people's retirement savings, as well as tightening the reins around cryptocurrency, the Financial Standard reported.
The securities regulator said it will closely examine product providers' disclosure and calculation of fees, expenses and other miscellaneous items they charge investors, the Financial Standard reported.
It warned it will also keep a closer eye on how product providers supervise its representatives selling products and services.The SEC said it will also continue to monitor the growth of cryptocurrencies and initial coin offerings by examining registrants that offer the products so that investors receive adequate disclosures about the risks associated with these investments, the Financial Standard reported.