From the May 2007 issue of Investment Advisor • Subscribe!

The Original SEC Rule

More On Legal & Compliance

from The Advisor's Professional Library
  • The Need for Thorough and Effective Policies and Procedures Whethere an advisor is SEC or state-registered, RIAs must revise their policies and procedures to address significant compliance problems occurring during the year, changes in business arrangements, and regulatory developments.
  • Preventing and Dealing with Client Complaints Although the SEC has not provided specific guidance on how client complaints should be handled, a firm’s policies and procedures should provide clear direction how to do so, as neglecting complaints can exacerbate a bad situation.
Download a copy of the Security and Exchange Commission's original decision on the broker/dealer exemption rule exempting brokers from regulation as an investment advisor even when they were being paid fees for investment advice.
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