More On Legal & Compliancefrom The Advisor's Professional Library
- Books and Records Rule Thorough and complete books and records enable RIAs to demonstrate that they have fulfilled their fiduciary obligations to clients and complied with applicable rules and regulations.
- Best Practices for Working with Senior Investors Securities examiners deal harshly with RIAs that do not fulfill their fiduciary obligations toward senior investors, as the SEC and state securities regulators view older investors as particularly vulnerable and in need of protection.
The SEC announced that Charles Fishkin, who helped create the Commission's Office of Risk Assessment under-then Chairman Bill Donaldson in 2004 and propagated an agency-wide risk management program designed to make the regulator more proactive, will leave the Commission in the new year to take a position in New York with AllianceBernstein. The agency said Fishkin, a former Fidelity Investments' executive, will help SEC Chairman Christopher Cox in "identifying a successor."
Another personnel change at the SEC might be of interest. The associate director of the Commission's Office of Compliance Inspections and Examinations (OCIE), John McCarthy, who joined the SEC in 1992, left the Commission in November to join what the agency said was a "privately held proprietary trading firm."