From the September 2007 issue of Investment Advisor • Subscribe!

FINRA Interim Board

More On Legal & Compliance

from The Advisor's Professional Library
  • The New and Improved Form ADV Whether an RIA is describing its investment strategy in advertisements or in the new Form ADV Part 2, it is important the firm articulates material risks faced by advisory clients and avoids language that might be construed as a guarantee.
  • Disaster Recovery Plans and Succession Planning RIAs owe a fiduciary duty to clients to prepare for disasters and other contingencies. If an RIA does not have a disaster recovery plan, clients’ financial well-being may be jeopardized.  RIAs should also engage in succession planning, ensuring a smooth transaction if an owner or principal leaves.   

The Financial Industry Regulatory Authority (FINRA), the newly combined NASD-NYSE regulatory agency, announced the appointment of a 23-member Interim Board of Governors on August 2. Members of the interim board will serve until the super-SRO's annual meeting on October 26, when elections will be held for a three-year Transition Board of Governors.

At the annual meeting, three small-firm representatives, one mid-sized firm representative, and three large-firm representatives will be elected to serve on the transition board along with 14 interim board members who have been appointed to that transition board.

Included on the interim board is John Simmers, CEO of ING Advisors Network and chairman of the Financial Services Institute.

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