August 7, 2007

SIPC Gets New Directors

Investor protection group the first line of defense in the event a brokerage firm fails

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  • 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.
  • U.S. Securities and Exchange Commission Information This information sheet contains general information about certain provisions of the Investment Advisers Act of 1940 and selected rules under the Adviser’s Act.  It also provides information about the resources available from the SEC to help advisors understand and comply with these laws and rules.
The U.S. Senate has confirmed three new directors to the Securities Investor Protection Corp. (SIPC), which maintains a special reserve fund authorized by Congress to help investors at failed brokerage firms. The three new SIPC directors are: William Heyman, vice chairman and chief investment officer (CIO), and a member of the Management Committee of The Travelers Companies, Inc.; William Jasien, senior VP, ING Financial Advisors LLC, and head of Business Development for various defined contribution business lines across North America; and Mark Shelton, managing director and general counsel, Wealth Management US, and co-global general counsel, Global Wealth Management & Business Banking at UBS.
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