More On Legal & Compliancefrom The Advisor's Professional Library
- Registration Requirements for Investment Advisor Representatives (IARs) When individuals launch an advisory firm, they must avoid marketing themselves or the firm as investment advisors before they are properly approved and registered. Otherwise, they are subject to severe penalties.
- Meeting and Exceeding Clients and Regulators’ Expectations Although it can be difficult, there are ways for RIAs to meet or exceed client expectations, increase customer satisfaction, and help firms retain current clients and attract new ones.
At the behest of Sen. Charles Grassley (R-Iowa), the Government Accountability Office (GAO) is gearing up to perform a broad review of two of the Securities and Exchange Commission's divisions--the Office of Compliance, Inspection, and Examination (OCIE) and the SEC's enforcement unit.
According to published reports, Grassley, chairman of the Senate Banking Committee, asked the GAO to examine these SEC divisions because of the regulator's handling of an insider trading investigation involving Pequot Capital Management, a $7 billion hedge fund run by Arthur J. Samberg.
The GAO's priorities will be to zero in on whether the SEC properly monitors self-regulatory organizations like the New York Stock Exchange and NASD. Grassley also recently pressed the heads of the Treasury Department, SEC, and other federal agencies to tell him what information hedge funds are required to report to them.