More On Legal & Compliancefrom The Advisor's Professional Library
- 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.
- 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.
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.