In February 2018, the SEC announced its Share Class Selection Disclosure Initiative (SCSD Initiative). The SCSD Initiative offered advisers that self-reported inadequate disclosures regarding selection of mutual fund share classes the opportunity to resolve SEC charges without paying financial penalties. Just one year later, the SEC announced settlements with 79 investment advisers, yielding restitution of more than $125 million to affected clients. This article details the terms of the settlements and an associated SEC order pursuant to which those advisers will avoid being disqualified from relying on certain exemptions from registration under the Securities Act of 1933. See “SEC Continues to Pursue Advisers That Provide Inadequate Disclosures About Mutual Fund Share Class Selection Practices and Other Conflicts of Interest” (Nov. 15, 2018).