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The SEC alleges that the firm sidestepped proper notification of a conflict of interest with one of its portfolio managers.
BlackRock Advisors will be making a penalty payment of $12 million to the SEC for failing to disclose a conflict of interest created by the outside business activity of a top-performing portfolio manager, SEC officials say. To settle the charges, BlackRock has also agreed to hire an independent compliance consultant to conduct an internal review,...
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