More On Legal & Compliancefrom The Advisor's Professional Library
- Scope of the Fiduciary Duty Owed by Investment Advisors A fiduciary obligation goes beyond the suitability standard typically owed by registered representatives of broker-dealer firms to clients. The relationship is built on the premise that the advisor will always do the right thing for the person or entity receiving advice.
- 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.
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."