SIPC Gets New Directors

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

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  • Regulatory Oversight of Investment Advisors Although the regulatory environment is in a state of flux, it is imperative that RIAs adhere to their compliance obligations. To ensure compliance, RIAs and IARs must fully understand what those obligations are.
  • Proxy Voting RIAs are not required to vote proxies on behalf of their clients. However, when an RIA does assume responsibility for voting proxies, the firm’s policies and procedures should help to ensure that votes are cast in the best interest of clients.
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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