SIPC Gets New Directors

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

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from The Advisor's Professional Library
  • Risk-Based Oversight of Investment Advisors Even if the SEC had a larger budget and more resources, it is doubtful that the Commission would have the resources to regularly examine all RIAs. Therefore, the SEC is likely to continue relying on risk-based oversight to fulfill its mission of protecting investors.
  • Registration Requirements for Investment Advisor Representatives (IARs) When individuals launch an advisory firm, they must avoid marketing themselves or the firm as investment advisors before they are properly approved and registered.  Otherwise, they are subject to severe penalties.  
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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