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color:#43667D'>&nbsp;<o:p></o:p></span></span></p> </div> </td> <span style='mso-bookmark:_MailOriginal'></span> </tr> <tr style='mso-yfti-irow:1'> <td style='border:none;padding:3.75pt 3.75pt 3.75pt 3.75pt'><span style='mso-bookmark:_MailOriginal'></span></td> <span style='mso-bookmark:_MailOriginal'></span> </tr> <tr style='mso-yfti-irow:2;mso-yfti-lastrow:yes'> <td style='border:none;padding:3.75pt 3.75pt 3.75pt 3.75pt'><span style='mso-bookmark:_MailOriginal'></span></td> <span style='mso-bookmark:_MailOriginal'></span> </tr> </table> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <p class=MsoNormal style="margin-top: 0; margin-bottom: 0;"><span style='mso-bookmark:_MailOriginal'><a name=LETTER.BLOCK9></a><span style='display:none;mso-hide:all'><o:p>&nbsp;</o:p></span></span></p> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;background:#B2C4D0; border:solid black 1.0pt;mso-border-alt:solid black .75pt;mso-yfti-tbllook: 1184;mso-padding-alt:3.75pt 3.75pt 3.75pt 3.75pt' id="content_LETTER.BLOCK9"> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td style='border:none;padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><strong><span style='font-family:"Arial","sans-serif";color:white'>Learn More About Our Investment Management Law Practice</span></strong></span><span style='mso-bookmark:_MailOriginal'><span style='font-family:"Arial","sans-serif"; color:white'><o:p></o:p></span></span></p> </td> <span style='mso-bookmark:_MailOriginal'></span> </tr> <tr style='mso-yfti-irow:1'> <td style='border:none;padding:3.75pt 3.75pt 3.75pt 3.75pt'><span style='mso-bookmark:_MailOriginal'></span></td> <span style='mso-bookmark:_MailOriginal'></span> </tr> <tr style='mso-yfti-irow:2;mso-yfti-lastrow:yes'> <td 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alt="http://www.wagnerlawgroup.com/investment-management-law.html?utm_source=Investment+Management+Law+Alert+-+7%2F23%2F18&amp;utm_campaign=1%2F18%2F18+Law+Alert&amp;utm_medium=email"><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt; font-family:"Arial","sans-serif";color:black'>click here</span></span><span style='mso-bookmark:_MailOriginal'></span></a><span style='mso-bookmark: _MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif"; color:black'>&nbsp;to find details about our investment management law practice.<o:p></o:p></span></span></p> </div> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <p class=MsoNormal align=center style='text-align:center; margin-top: 0; margin-bottom: 3.75pt;'><span style='mso-bookmark:_MailOriginal'><span style='font-size:10.0pt;font-family:"Verdana","sans-serif"; color:#5A879E'><o:p>&nbsp;</o:p></span></span></p> <div> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>You can view all of our investment management law alerts and sign up to receive our newsletters by </span></span><a href="http://r20.rs6.net/tn.jsp?f=001OS4_SHhB99iSOXS9n6JRk4-ELHWO_zZtirAajygLRnEeKN9vsdpWZ7vjlsfzQCFxGdUGiBPKEWYDew5ra5epZwX9Ggqoimgc7nejpGn9g73BRzvfgMRXe8lL1w_uaRzhYS4e6jhWROd9e7qmmLrdW_GnXILHl_aC7jWkuAbfM8oGCxM1BBNSngvvYvTNIJwLP6Wf_hesgzS5FroDp83k5zJ0h4Ho0DtYE-gUmaECIJ-ubR1QxVieksa6cRfuXR3uv71J3xpeiKEp3gPfFOS31uudLtePLfg9sKorv9av_KrXMZ94kaNaeCOndnhMKVza_33oXabpX-RyEu7izn52FE_6Z6LErWDbE27wpdvJ6Fk9Fys3ugAZH_9Y1arMolfbOy7V8A4gDWgAHCMx7C4IzcrjtYQwNHU5X0bJqVJNleg=&amp;c=Pr0N9uWh62H3ios_zh-uipGBj0Ml6TSot_-se8wBHH-sWVioM5F7UQ==&amp;ch=YNWJslnrv7yckjpCS0DBCEFJImezek9SJMSyfQEuh5I8LAlwcAHnNQ==" target="_blank" track=on shape=rect linktype=1 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You can register for upcoming webinars and find recordings of past&nbsp;webinars from&nbsp;by </span></span><a href="http://r20.rs6.net/tn.jsp?f=001OS4_SHhB99iSOXS9n6JRk4-ELHWO_zZtirAajygLRnEeKN9vsdpWZ6pYusDaYou8o1pTj_fdt3WdF37askd69OYzvuXBvr6u58r4KxNfdecjsGh-T_QkoFw7uJjeD-EgP5D8xwsIHHsdwOTe3oCzOkFapt4ajc5T3_SRg047k-9mWtIXKVEHZIiM-A1zqEKuMuKY5vtIbMgutW8JkHYL_RR3coh4uF5lOoDH4YJks0gRYauIHFAY7dG9AdAKX3OdIKXoccAxei0uc3L2K9btGgXR-511Uyo9iLJuHzmsEnlFD7ZVCua5Rs5I304PAQ1yo-ooDY_yjPU4EdbQKVUt5LnM5NQc1zrqhdfqohS7eOgMnKG-BCEctJ-Y9NysFTBHXxWlZuI5r0vkEaECc-rOxw==&amp;c=Pr0N9uWh62H3ios_zh-uipGBj0Ml6TSot_-se8wBHH-sWVioM5F7UQ==&amp;ch=YNWJslnrv7yckjpCS0DBCEFJImezek9SJMSyfQEuh5I8LAlwcAHnNQ==" target="_blank" track=on shape=rect linktype=1 alt="http://www.wagnerlawgroup.com/webinars-podcasts.html?utm_source=Investment+Management+Law+Alert+-+7%2F23%2F18&amp;utm_campaign=1%2F18%2F18+Law+Alert&amp;utm_medium=email"><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt; font-family:"Arial","sans-serif";color:black'>clicking here</span></span><span style='mso-bookmark:_MailOriginal'></span></a><span style='mso-bookmark: _MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif"; color:black'>.<o:p></o:p></span></span></p> </div> <div> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>&nbsp;&nbsp;<o:p></o:p></span></span></p> </div> </td> <span style='mso-bookmark:_MailOriginal'></span> </tr> </table> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <p class=MsoNormal style="margin-top: 0; margin-bottom: 0;"><span style='mso-bookmark:_MailOriginal'><a name=LETTER.BLOCK3></a><span style='display:none;mso-hide:all'><o:p>&nbsp;</o:p></span></span></p> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;background:#B2C4D0; border:solid black 1.0pt;mso-border-alt:solid black .75pt;mso-yfti-tbllook: 1184;mso-padding-alt:3.75pt 3.75pt 3.75pt 3.75pt;border-image:none' id="content_LETTER.BLOCK3"> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td style='border:none;padding:3.75pt 3.75pt 3.75pt 3.75pt'> <div> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><strong><span style='font-family:"Arial","sans-serif";color:white'>The Wagner Law Group</span></strong></span><span style='mso-bookmark:_MailOriginal'><span style='font-size:14.0pt;font-family:"Arial","sans-serif";color:#006E6D'><o:p></o:p></span></span></p> </div> </td> <span style='mso-bookmark:_MailOriginal'></span> </tr> <tr style='mso-yfti-irow:1'> <td style='border:none;padding:3.75pt 3.75pt 3.75pt 3.75pt'><span style='mso-bookmark:_MailOriginal'></span></td> <span style='mso-bookmark:_MailOriginal'></span> </tr> <tr style='mso-yfti-irow:2;mso-yfti-lastrow:yes'> <td style='border:none;padding:3.75pt 3.75pt 3.75pt 3.75pt'> <div> <div> <div> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>The Wagner Law Group is a nationally recognized practice in the areas of ERISA and employee benefits, estate planning, employment, labor and human resources,&nbsp;investment management, immigration and family law.<o:p></o:p></span></span></p> </div> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <p class=MsoNormal align=center style='text-align:center; margin-top: 0; margin-bottom: 3.75pt;'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'><o:p>&nbsp;</o:p></span></span></p> <div> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Established in 1996, The Wagner Law Group is dedicated to the highest standards of integrity, excellence and thought leadership and is considered to be amongst the nation's premier ERISA and employee benefits law firms. The firm has&nbsp;eight offices across the country, providing unparalleled legal advice to its clients, including large, small and nonprofit corporations as well as individuals and government entities worldwide. The Wagner Law Group's&nbsp;33 attorneys, senior benefits consultant and&nbsp;seven paralegals combine many years of experience in their fields of practice with a variety of backgrounds.&nbsp;Nine of the attorneys are AV-rated by Martindale-Hubbell and&nbsp;six are Fellows of the American College of Employee Benefits Counsel, an invitation-only organization of nationally recognized employee benefits lawyers.&nbsp;&nbsp;Five of the firm's&nbsp;attorneys have been named to the prestigious Super Lawyers list for 2017, which highlights outstanding lawyers based on a rigorous selection process. The Wagner Law Group is certified as a woman-owned and operated business by the Women's Business Enterprise National Council.<o:p></o:p></span></span></p> </div> </div> </div> </td> <span style='mso-bookmark:_MailOriginal'></span> </tr> </table> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <p class=MsoNormal style="margin-top: 0; margin-bottom: 0;"><span style='mso-bookmark:_MailOriginal'><a name=LETTER.BLOCK10></a><span style='display:none;mso-hide:all'><o:p>&nbsp;</o:p></span></span></p> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;background:#B2C4D0; border:solid black 1.0pt;mso-border-alt:solid black .75pt;mso-yfti-tbllook: 1184;mso-padding-alt:3.75pt 3.75pt 3.75pt 3.75pt' id="content_LETTER.BLOCK10"> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td style='border:none;padding:3.75pt 3.75pt 3.75pt 3.75pt'><span style='mso-bookmark:_MailOriginal'></span></td> <span style='mso-bookmark:_MailOriginal'></span> </tr> <tr style='mso-yfti-irow:1'> <td style='border:none;padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:10.0pt;font-family:"Verdana","sans-serif"; color:#8595A3'><img border=0 width=127 height=49 id="_x0000_i1030" src="https://mlsvc01-prod.s3.amazonaws.com/de4f037a001/1fd5f2bd-ccda-4413-af1f-a8ca84c9ae65-thumbnail.jpg?ver=1518036484000" style='display:inline' class=ui-draggable title="Drag and Drop Image"><o:p></o:p></span></span></p> </td> <span style='mso-bookmark:_MailOriginal'></span> </tr> <tr style='mso-yfti-irow:2;mso-yfti-lastrow:yes'> <td style='border:none;padding:3.75pt 3.75pt 3.75pt 3.75pt'><span style='mso-bookmark:_MailOriginal'></span></td> <span style='mso-bookmark:_MailOriginal'></span> </tr> </table> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <p class=MsoNormal style="margin-top: 0; margin-bottom: 0;"><span style='mso-bookmark:_MailOriginal'><a name=LETTER.BLOCK4></a><span style='display:none;mso-hide:all'><o:p>&nbsp;</o:p></span></span></p> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;background:#B2C4D0; border:solid black 1.0pt;mso-border-alt:solid black .75pt;mso-yfti-tbllook: 1184;mso-padding-alt:3.75pt 3.75pt 3.75pt 3.75pt;border-image:none' id="content_LETTER.BLOCK4"> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td style='border:none;padding:3.75pt 3.75pt 3.75pt 3.75pt'> <div> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><strong><span style='font-size:10.0pt;font-family:"Arial","sans-serif";color:white'>Contact Info</span></strong></span><span style='mso-bookmark:_MailOriginal'><span style='font-size:10.0pt;font-family:"Arial","sans-serif";color:white'><o:p></o:p></span></span></p> </div> </td> <span style='mso-bookmark:_MailOriginal'></span> </tr> <tr style='mso-yfti-irow:1'> <td style='border:none;padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><strong><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>The Wagner Law Group</span></strong></span><span style='mso-bookmark: _MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif"; color:black'><o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><strong><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>&nbsp;</span></strong></span><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt; font-family:"Arial","sans-serif";color:black'><o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><strong><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>&nbsp;&nbsp;Integrity | Excellence</span></strong></span><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'><o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>&nbsp;&nbsp;<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><strong><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Boston&nbsp;</span></strong></span><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt; font-family:"Arial","sans-serif";color:black'><o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Tel: (617) 357-5200&nbsp;<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Fax: (617) 357-5250&nbsp;<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>99 Summer Street&nbsp;<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>13th Floor<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Boston, MA 02110<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'><o:p>&nbsp;</o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><strong><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Washington, D.C.</span></strong></span><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'><o:p></o:p></span></span></p> <div> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Tel: (202) 969-2800<o:p></o:p></span></span></p> </div> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <p class=MsoNormal align=center style='text-align:center; margin-top: 0; margin-bottom: 3.75pt;'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Fax: (202) 969-2568<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>&nbsp;800 Connecticut Avenue, N.W.<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Suite 810<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Washington, D.C. 20006<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'><o:p>&nbsp;</o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><strong><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Chicago</span></strong></span><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt; font-family:"Arial","sans-serif";color:black'><o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Tel: (847) 990-9034<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Fax: (847) 557-1312<o:p></o:p></span></span></p> <div> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>190 South LaSalle Street<o:p></o:p></span></span></p> </div> <div> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Suite 2100<o:p></o:p></span></span></p> </div> <div> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Chicago, IL 60603<o:p></o:p></span></span></p> </div> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <p class=MsoNormal align=center style='text-align:center; margin-top: 0; margin-bottom: 3.75pt;'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>&nbsp;&nbsp;<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><strong><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Palm Beach Gardens</span></strong></span><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>&nbsp;<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Tel: (561) 293-3590<br> Fax: (561) 293-3591<br> 7108 Fairway Drive<br> Suite 125<br> Palm Beach Gardens, FL 33418<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>&nbsp;<strong><span style='font-family:"Arial","sans-serif"'>&nbsp;</span></strong>&nbsp;<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><strong><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Tampa</span></strong></span><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt; font-family:"Arial","sans-serif";color:black'><o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Tel: (813) 603-2959<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Fax: (813) 603-2961<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>101 East Kennedy Boulevard<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Suite 2140<br> Tampa, FL&nbsp; 33602&nbsp;<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>&nbsp;&nbsp;<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><strong><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>San Francisco</span></strong></span><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'><o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Tel: (415) 625-0002<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Fax: (415) 358-8300<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>300 Montgomery Street<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Suite 600<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>San Francisco, CA 94104<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>&nbsp;&nbsp;<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><strong><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>St. Louis</span></strong></span><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'><o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Tel: (314) 236-0065<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Fax: (314) 236-5743<br> 25 W. Moody Avenue<br> St. Louis, MO&nbsp; 63119<o:p></o:p></span></span></p> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'><o:p>&nbsp;</o:p></span></span></p> <div> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><strong><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Lincoln, MA</span></strong></span><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'><o:p></o:p></span></span></p> </div> <div> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Tel: (617) 532-8080<o:p></o:p></span></span></p> </div> <div> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Fax: (617) 532-9090<o:p></o:p></span></span></p> </div> <div> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>55 Old Bedford Road<o:p></o:p></span></span></p> </div> <div> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>Lincoln, MA 01773<o:p></o:p></span></span></p> </div> <div> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:black'>&nbsp;<o:p></o:p></span></span></p> </div> <div> <p class=MsoNormal style='margin-bottom:3.75pt'><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt; font-family:"Arial","sans-serif";color:#8595A3'>&nbsp;<o:p></o:p></span></span></p> </div> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <p class=MsoNormal align=center style='text-align:center; margin-top: 0; margin-bottom: 3.75pt;'><span style='mso-bookmark:_MailOriginal'></span><a href="http://r20.rs6.net/tn.jsp?f=001OS4_SHhB99iSOXS9n6JRk4-ELHWO_zZtirAajygLRnEeKN9vsdpWZ1ewoqrjZqZ8wRmZp772aY9qSJX7imZCuN7aEBjb2PuYbPD9k0WuiyrImNi0vbjmd9g9nFQYTVEg6gFG7pp40vQfUqxj6N1h8fqU14DjVlMa_i0Chql4icz-IPhqvVG-AUm__9hztBajXUyWcwD4UwG0g0WKNmG1h1r3PZWEYGn2XQiZKWpsHbckV3VWG1KP-lmLJt4He5fOODAATDiZyB41UvI2hHd-ZHXjT4IjSIivTfczKVqiM5i_ZriQ9mJL8HtwpbKkkZBMzgYoWNzLXxC2nFt2TLOopWp3mdk2MVGdZg1LU7YcxnM=&amp;c=Pr0N9uWh62H3ios_zh-uipGBj0Ml6TSot_-se8wBHH-sWVioM5F7UQ==&amp;ch=YNWJslnrv7yckjpCS0DBCEFJImezek9SJMSyfQEuh5I8LAlwcAHnNQ==" target="_blank" track=on shape=rect linktype=link alt="http://wagnerlawgroup.com/?utm_source=Investment+Management+Law+Alert+-+7%2F23%2F18&amp;utm_campaign=1%2F18%2F18+Law+Alert&amp;utm_medium=email"><span style='mso-bookmark:_MailOriginal'><span style='font-size:8.0pt; font-family:"Arial","sans-serif"'>www.wagnerlawgroup.com</span></span><span style='mso-bookmark:_MailOriginal'></span></a><span style='mso-bookmark: _MailOriginal'><span style='font-size:8.0pt;color:#8595A3'><o:p></o:p></span></span></p> </td> <span style='mso-bookmark:_MailOriginal'></span> </tr> <tr style='mso-yfti-irow:2;mso-yfti-lastrow:yes'> <td style='border:none;padding:3.75pt 3.75pt 3.75pt 3.75pt'><span style='mso-bookmark:_MailOriginal'></span></td> <span style='mso-bookmark:_MailOriginal'></span> </tr> </table> <span style='mso-bookmark:_MailOriginal'></span></td> <span style='mso-bookmark:_MailOriginal'></span> </tr> </table> <span style='mso-bookmark:_MailOriginal'></span></td> <span style='mso-bookmark:_MailOriginal'></span> <td width=440 valign=top style='width:330.0pt;background:white; padding:3.75pt 5.25pt 3.75pt 3.75pt'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width="100%" valign=top style='width:100.0%;padding:0in 0in 0in 0in'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;background:#B6BFC9; mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow: yes;height:.75pt'> <td style='padding:0in 0in 0in 0in;height:.75pt'><span style='mso-bookmark:_MailOriginal'></span></td> <span style='mso-bookmark:_MailOriginal'></span> </tr> </table> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <p class=MsoNormal style="margin-top: 0; margin-bottom: 0;"><span style='mso-bookmark:_MailOriginal'><span style='display:none;mso-hide:all'><o:p>&nbsp;</o:p></span></span></p> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:3.75pt 3.75pt 3.75pt 3.75pt;display:table' id="content_LETTER.BLOCK6"> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow: yes'> <td style='padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal align=right style='margin-bottom:3.75pt; text-align:right'><span style='mso-bookmark:_MailOriginal'><span style='color:black'>July 23, 2018<o:p></o:p></span></span></p> <div> <div> <div> <div> <div> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><strong><span style='font-size:9.0pt;color:#006E6D'>&nbsp;</span></strong></span><span style='mso-bookmark:_MailOriginal'><span style='font-size:9.0pt; color:#006E6D'><o:p></o:p></span></span></p> </div> <div> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><strong><span style='font-size:20.0pt;color:#006E6D'>Investment Management </span></strong></span><span style='mso-bookmark:_MailOriginal'><span style='font-size:20.0pt; color:#006E6D'><o:p></o:p></span></span></p> </div> <div> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><strong><span style='font-size:20.0pt;color:#006E6D'>Law Alert</span></strong></span><span style='mso-bookmark:_MailOriginal'><span style='font-size:20.0pt; color:#006E6D'><o:p></o:p></span></span></p> </div> <div> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><span style='font-size:20.0pt;color:#006E6D'><o:p>&nbsp;</o:p></span></span></p> </div> <div> <p class=MsoNormal align=center style='margin-bottom:3.75pt; text-align:center'><span style='mso-bookmark:_MailOriginal'><strong><span style='font-size:20.0pt;color:#006E6D'>OCIE Identifies Common Deficiencies Relating to Best Execution</span></strong></span><span style='mso-bookmark:_MailOriginal'><span style='font-size:20.0pt; color:#006E6D'><o:p></o:p></span></span></p> </div> </div> </div> </div> </div> </td> <span style='mso-bookmark:_MailOriginal'></span> </tr> </table> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <p class=MsoNormal style="margin-top: 0; margin-bottom: 0;"><span style='mso-bookmark:_MailOriginal'><span style='display:none;mso-hide:all'><o:p>&nbsp;</o:p></span></span></p> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:3.75pt 3.75pt 3.75pt 3.75pt' id="content_LETTER.BLOCK7"> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow: yes'> <td style='padding:3.75pt 3.75pt 3.75pt 3.75pt'> <div><span color="#000000" size=3 face=Tinos><span color="#000000" size=3 face=Tinos> <div> <p class=MsoNormal style='margin-bottom:3.75pt'><span style='mso-bookmark:_MailOriginal'><span style='font-family:"Tinos","serif"; color:black'><br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character: line-break'> <![endif]></span><span style='color:#245B7C'></span><o:p></o:p></span></span></p> </div> </span> <div><span size=3 face=Tinos> <div><span size=3 face=Tinos> <p class=MsoNormal style='margin-bottom:3.75pt'><span style='mso-bookmark:_MailOriginal'><span style='font-family:"Tinos","serif"; color:black'>On July 11, 2018, the Office of Compliance Inspections and Examinations (&quot;OCIE&quot;) of the Securities and Exchange Commission published a Risk Alert relating to best execution deficiencies on the part of investment advisers. Under section 28(e) of the Securities and Exchange Act of 1934 (the &quot;Act&quot;), as a fiduciary, an adviser with responsibility to direct client trades is obligated to seek &quot;best execution&quot; in client transactions. This encompasses evaluating the full range and quality of a broker-dealer's services such as transaction costs, execution capability, the firm's financial wherewithal, and responsiveness to the investment adviser. This duty is broader than the best execution requirement to which registered representatives are subject under FINRA Rule 5310, which focuses primarily on execution costs. (Best execution was also a topic in FINRA's December 2017 report on its examination findings, which we discussed in a </span></span><a href="http://r20.rs6.net/tn.jsp?f=001OS4_SHhB99iSOXS9n6JRk4-ELHWO_zZtirAajygLRnEeKN9vsdpWZ5hFiN0iG6Xf8Jq5AXf5AuzYsuGwW-YvMmny5WcZ8Pbz1EuXKnqxooXoLEd1INgIsyYXswAkFIBU827mZ65oVrzYzC-uLwEeNodJaGLlH8XE4BowN9kcRSLlti3DSakBXqvzUJNUWx3H_xbWJbMA4q0uJ_gBqmMe-IhWjMZEgtIwLF3V3idQrBlICzJkc0qr0kUObk0Gc7mQPkdSOqPoy21ihMDtqxx_MTn4fi1f2CN1qvlWkBJzw30TyVAKOVKkMFBfNDQqOfIpFfWTWdR_HR2rtYWp_aBoG0haqRH_XNW7hlaLwsmUem0lgOL_aCmPEouR26x-r9-q&amp;c=Pr0N9uWh62H3ios_zh-uipGBj0Ml6TSot_-se8wBHH-sWVioM5F7UQ==&amp;ch=YNWJslnrv7yckjpCS0DBCEFJImezek9SJMSyfQEuh5I8LAlwcAHnNQ==" target="_blank" track=on shape=rect linktype=1 alt="http://www.wagnerlawgroup.com/IMLA.htm?utm_source=Investment+Management+Law+Alert+-+7%2F23%2F18&amp;utm_campaign=1%2F18%2F18+Law+Alert&amp;utm_medium=email"><span style='mso-bookmark:_MailOriginal'><span style='font-family:"Tinos","serif"'>prior Law Alert</span></span><span style='mso-bookmark:_MailOriginal'></span></a><span style='mso-bookmark:_MailOriginal'><span style='font-family:"Tinos","serif"; color:black'>, OCIE noted that &quot;the determinative factor [in an adviser's best execution analysis] is not the lowest possible commission cost but whether the transaction represents the best qualitative execution for the managed account.&quot;&nbsp;</span></span><span style='color:black'><o:p></o:p></span></p></span> </div> <div> <p class=MsoNormal style='margin-bottom:3.75pt'><span style='mso-bookmark:_MailOriginal'><span style='color:black'><o:p>&nbsp;</o:p></span></span></p> </div> <div> <p class=MsoNormal style='margin-bottom:3.75pt'><span style='mso-bookmark:_MailOriginal'><span style='font-family:"Tinos","serif"; color:black'>OCIE also noted that best execution could be impacted by the adviser's receipt of soft dollar arrangements. Section 28(e) of the Act provides a safe harbor to money managers who use the commission dollars of their advised accounts to obtain investment research and brokerage services &quot;soft dollar arrangements&quot;), provided that certain conditions are satisfied. Where a product or service obtained with client commissions also serves other functions unrelated to investment decisions (&quot;mixed use&quot;), the adviser must make a reasonable allocation of a mixed use product or service and keep adequate books. The adviser must also disclose soft dollar arrangements and such disclosure should be more detailed when the products or services fall outside of the section 28(e) safe harbor.&nbsp;</span><span style='color:black'><o:p></o:p></span></span></p> </div> <div> <p class=MsoNormal style='margin-bottom:3.75pt'><span style='mso-bookmark:_MailOriginal'><span style='color:black'><o:p>&nbsp;</o:p></span></span></p> </div> <div> <p class=MsoNormal style='margin-bottom:3.75pt'><span style='mso-bookmark:_MailOriginal'><span style='font-family:"Tinos","serif"; color:black'>The Risk Alert identified common deficiencies from examinations of over 1,500 investment advisers. The most common deficiencies identified by OCIE staff include:</span><span style='color:black'><o:p></o:p></span></span></p> </div> </div> </span> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <div> <ul type=disc style="margin-bottom: 0"> <li class=MsoNormal style='color:black;mso-margin-top-alt:auto; mso-margin-bottom-alt:auto;mso-list:l0 level1 lfo1;tab-stops: list .5in'><span size=3 face=Tinos><span style='mso-bookmark: _MailOriginal'><span style='font-family:"Tinos","serif"'>Failure by advisers to perform periodic execution performance by broker-dealers;</span></span><o:p></o:p></span></li> <li class=MsoNormal style='color:black;mso-margin-top-alt:auto; mso-margin-bottom-alt:auto;mso-list:l0 level1 lfo1;tab-stops: list .5in'><span size=3 face=Tinos><span style='mso-bookmark: _MailOriginal'><span style='font-family:"Tinos","serif"'>Failing to consider materially relevant factors during best execution reviews such as execution capability, financial responsibility, responsiveness, input from traders and portfolio managers;</span></span><o:p></o:p></span></li> <li class=MsoNormal style='color:black;mso-margin-top-alt:auto; mso-margin-bottom-alt:auto;mso-list:l0 level1 lfo1;tab-stops: list .5in'><span size=3 face=Tinos><span style='mso-bookmark: _MailOriginal'><span style='font-family:"Tinos","serif"'>Comparing performance to other broker-dealers;</span></span><o:p></o:p></span></li> <li class=MsoNormal style='color:black;mso-margin-top-alt:auto; mso-margin-bottom-alt:auto;mso-list:l0 level1 lfo1;tab-stops: list .5in'><span size=3 face=Tinos><span style='mso-bookmark: _MailOriginal'><span style='font-family:"Tinos","serif"'>Failure to fully disclose best execution practices;&nbsp;</span></span><o:p></o:p></span></li> <li class=MsoNormal style='color:black;mso-margin-top-alt:auto; mso-margin-bottom-alt:auto;mso-list:l0 level1 lfo1;tab-stops: list .5in'><span size=3 face=Tinos><span style='mso-bookmark: _MailOriginal'><span style='font-family:"Tinos","serif"'>Failing to disclose soft dollar arrangements;</span></span><o:p></o:p></span></li> <li class=MsoNormal style='color:black;mso-margin-top-alt:auto; mso-margin-bottom-alt:auto;mso-list:l0 level1 lfo1;tab-stops: list .5in'><span size=3 face=Tinos><span style='mso-bookmark: _MailOriginal'><span style='font-family:"Tinos","serif"'>Improper administration of mixed use allocations;</span></span><o:p></o:p></span></li> <li class=MsoNormal style='color:black;mso-margin-top-alt:auto; mso-margin-bottom-alt:auto;mso-list:l0 level1 lfo1;tab-stops: list .5in'><span size=3 face=Tinos><span style='mso-bookmark: _MailOriginal'><span style='font-family:"Tinos","serif"'>Inadequate best execution policies and procedures; and</span></span><o:p></o:p></span></li> <li class=MsoNormal style='color:black;mso-margin-top-alt:auto; mso-margin-bottom-alt:auto;mso-list:l0 level1 lfo1;tab-stops: list .5in'><span size=3 face=Tinos><span style='mso-bookmark: _MailOriginal'><span style='font-family:"Tinos","serif"'>Failing to follow existing best execution policies and procedures.</span></span><o:p></o:p></span></li> </ul> </div> <div><span size=3 face=Tinos> <p class=MsoNormal><span style='mso-bookmark:_MailOriginal'><strong><span style='color:black'>Takeaways</span></strong><span style='color:black'><br> <br> Registered investment advisers and broker-dealers should review existing best execution policies and procedures to ensure they do not suffer from the same deficiencies as those described in the Risk Alert or in the December 2017 Report on FINRA Examination Findings, as applicable. Note that a Letter of Acceptance, Waiver and Consent (&quot;AWC&quot;) was </span></span><a href="http://r20.rs6.net/tn.jsp?f=001OS4_SHhB99iSOXS9n6JRk4-ELHWO_zZtirAajygLRnEeKN9vsdpWZ2_wFBLPuqzT9NfHhuEXYb6uEz0ADJQXKv9X6ktQm9ALnJX7cWgSZeiGtljm0sfCxFpu7IdHuXUFeHiPSnv9-JdYsmJZxe7k-HLRzffUlNE6smLwjLIl_fHMKtNIgplftvtdEK7vwKiFjGWZVpsswhcOmIrvX6LI5PjryHtqHntn1KVBkuzK-5iPtHKiyT0vdLMWyDnnL3eRO_zoochGd6mLjfCXEvRfjklXt5owlihca0ckfZFt-9JY9Kv_R4M1ihVVsfumjiuLNIw3pG_MQyUaLt0TQUqJ3PzIKEMAqaYNHHkrKq2pXItClJg9am5ZuE__aVHl3XDTbI4N6O4nVwjop3wGm3qK---G3zumKB3RFOLyIwnnZSpXjou1j2lyJ0UJX_yYiOxTRtdqHJUfVoJOmbHJ1UxbFUY4rQPsnC4z&amp;c=Pr0N9uWh62H3ios_zh-uipGBj0Ml6TSot_-se8wBHH-sWVioM5F7UQ==&amp;ch=YNWJslnrv7yckjpCS0DBCEFJImezek9SJMSyfQEuh5I8LAlwcAHnNQ==" target="_blank" track=on shape=rect linktype=1 alt="http://www.finra.org/industry/disciplinary-actions/finra-disciplinary-actions-online?search=2015045624401&amp;utm_source=Investment+Management+Law+Alert+-+7%2F23%2F18&amp;utm_campaign=1%2F18%2F18+Law+Alert&amp;utm_medium=email"><span style='mso-bookmark:_MailOriginal'><span style='color:black'>recently issued</span></span><span style='mso-bookmark:_MailOriginal'></span></a><span style='mso-bookmark:_MailOriginal'><span style='color:black'> which provided for censure and a fine by FINRA where it found that a firm's supervisory systems were not reasonably designed to achieve best execution.<o:p></o:p></span></span></p> <p style="margin-bottom: 0;">&nbsp;</p> <div> <p class=MsoNormal style="margin-bottom: 0"><span style='mso-bookmark:_MailOriginal'><span style='font-family:"Tinos","serif";color:black'>&nbsp;</span><span style='color:black'><o:p></o:p></span></span></p> </div> </div> </span> <div><span size=3 face=Tinos> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <div> <p class=MsoNormal style="margin-bottom: 0"><span style='mso-bookmark:_MailOriginal'><span style='font-family:"Tinos","serif";color:black'>Please contact&nbsp;</span></span><span style='mso-bookmark:_MailOriginal'></span><a href="mailto:swilkes@wagnerlawgroup.com" target="_blank" shape=rect linktype=2><span style='mso-bookmark:_MailOriginal'><span style='font-family:"Tinos","serif"'>Stephen Wilkes</span></span><span style='mso-bookmark:_MailOriginal'></span></a><span style='mso-bookmark: _MailOriginal'><span style='font-family:"Tinos","serif";color:black'>&nbsp;or&nbsp;</span></span><span style='mso-bookmark:_MailOriginal'></span><a href="mailto:laber@wagnerlawgroup.com" target="_blank" shape=rect linktype=2><span style='mso-bookmark:_MailOriginal'><span style='font-family:"Tinos","serif"'>Livia Aber</span></span><span style='mso-bookmark:_MailOriginal'></span></a><span style='mso-bookmark: _MailOriginal'><span style='font-family:"Tinos","serif";color:black'>&nbsp;if you have any questions.</span></span><span style='mso-bookmark:_MailOriginal'><span style='font-size:10.0pt;font-family:"Tinos","serif";color:black'><o:p></o:p></span></span></p> </div> </div> </div> </td> <span style='mso-bookmark:_MailOriginal'></span> </tr> </table> <span style='mso-bookmark:_MailOriginal'></span></td> <span style='mso-bookmark:_MailOriginal'></span> </tr> <tr style='mso-yfti-irow:1;mso-yfti-lastrow:yes'> <td width="100%" valign=top style='width:100.0%;padding:0in 0in 0in 0in'><span style='mso-bookmark:_MailOriginal'></span></td> <span style='mso-bookmark:_MailOriginal'></span> </tr> </table> <span style='mso-bookmark:_MailOriginal'></span></td> <span style='mso-bookmark:_MailOriginal'></span> </tr> </table> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <p class=MsoNormal style="margin-top: 0; margin-bottom: 0;"><span style='mso-bookmark:_MailOriginal'><o:p>&nbsp;</o:p></span></p> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in' id="content_LETTER.BLOCK8"> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td width="100%" style='width:100.0%;background:#2D3E46;padding:0in 0in 0in 0in'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:3.75pt 3.75pt 3.75pt 3.75pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td style='padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p style='margin:0in;margin-bottom:.0001pt'><span style='mso-bookmark: _MailOriginal'><span style='font-size:8.0pt;font-family:"Verdana","sans-serif"; color:#4E6A78'>This Newsletter is protected by copyright. Material appearing herein may be reproduced with appropriate credit.<o:p></o:p></span></span></p> <p style='margin:0in;margin-bottom:.0001pt'><span style='mso-bookmark: _MailOriginal'><span style='font-size:8.0pt;font-family:"Verdana","sans-serif"; color:#4E6A78'>&nbsp;<o:p></o:p></span></span></p> <p style='margin:0in;margin-bottom:.0001pt'><span style='mso-bookmark: _MailOriginal'><span style='font-size:8.0pt;font-family:"Verdana","sans-serif"; color:#4E6A78'>This Newsletter is provided for information purposes by The Wagner Law Group to clients and others who may be interested in the subject matter, and may not be relied upon as specific legal advice.&nbsp; This material is not to be construed as legal advice or legal opinions on specific facts. 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