For the past two years, the SEC’s Share Class Selection Disclosure Initiative (SCSD Initiative) offered advisers that self-reported the opportunity to resolve SEC charges by paying disgorgement and interest to affected clients – but without paying a financial penalty. The SCSD Initiative has ended, but the SEC’s focus on the conflicts advisers face when recommending mutual fund share classes to clients has not. In two recent settlements, the SEC imposed stiff fines on advisers that allegedly made inadequate disclosures to clients about their share class selection practices. This article highlights the alleged compliance and disclosure failures and the terms of the settlement orders. For a look at an enforcement action against an adviser that failed to self-report, see “SEC Settles With 16 Additional Advisers Under SCSD Initiative, Severely Penalizes One That Did Not Self‑Report” (Nov. 21, 2019).