More On Legal & Compliancefrom The Advisor's Professional Library
- Updating Form ADV and Form U4 When it comes to disclosure on Form ADV, RIAs should assume information would be material to investors. When in doubt, RIAs should disclose information rather than arguing later with securities regulators that it was not material.
- Nothing but the Best Execution Along with the many other fiduciary obligations owed by RIAs, firms owe a duty to seek best execution of clients transactions. If they fail to do, RIAs violate Section 206 of the Investment Advisers Act.
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."