As part of a voluntary self-reporting initiative in LPL entered into a settlement with the SEC in which the SEC	found	that	LPL	willfully	violated	Section	206(2)	and	 207 of the Advisers Act in connection with inadequate disclosure	to	clients	of	its	and	its	associated	persons’	 conflicts	of	interest	related	to	its	receipt	of	12b-1	fees	 and/or	its	selection	of	mutual	fund	share	classes	that	 pay such fees.