kaal:claim:2337268-040

Enforcement of the IAA's prohibited transactions provision is limited because the Supreme Court in Transamerica Mortgage Advisors, Inc. v. Lewis held that a violation of that provision does not support an implied private right of action.

Source quote, verbatim
The enforcement of a violation of prohibited transactions under the IAA is limited. In Transamerica Mortgage Advisors, Inc. v. Lewis107 the Supreme Court determined that a violation of the IAA's prohibited transactions provision108 does not allow for implied private rights of action.
From

Wulf A. Kaal, Investment Adviser Regulation (2013), 9. Prohibited Practices, p. 22
https://ssrn.com/abstract=2337268 · source PDF

Cite as

Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268

Holds when
Classification

failuresupport: arguedfailure: no implied private right of action under the IAAfamily: enforcement-gapcompliance

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