More On Legal & Compliancefrom The Advisor's Professional Library
- Suitability and Fiduciary Duty Recommending suitable investments is more than just a regulatory obligation. Many investors bring cases claiming lack of suitability, so RIAs must continuously put the onus on clients to notify the advisor of changes in their financial situation.
- 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 Advisers Act. It also provides information about the resources available from the SEC to help advisors understand and comply with these laws and rules.
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.