It's the latest action in the SEC's long-running campaign to crack down on disclosure and best-execution failures involving 12b-1 fees.
The firm was ordered to pay more than $450,000 in total this week in separate complaints about the complex product.
GOP lawmaker grills SEC Enforcement Director Gurbir Grewal on how the agency can crack down on ESG when there's no regulatory definition of ESG.
The first Reg BI enforcement action, filed last month, won't be the last, division director Gurbir Grewal told lawmakers.
It's the first time the regulator has taken an enforcement action related to remote test taking.
The regulator accused the firm of 'double-dipping' by receiving both advisory fees and fees generated from products with high transactional costs.
But opponents, including SEC Commissioner Hester Peirce, want the agency to scrap the whole project.
The latest iteration of Chairman Gary Gensler's agenda contains 53 pending proposals. The financial industry is nervous.
Regulation Best Interest now ranks 14th on the list of the types of controversies involved in disputes between customers and brokerages. It likely will keep rising on the list.
Stephen Straus began his career in 1968 and was still showing up in the office every day at age 88.
