More On Legal & Compliancefrom The Advisor's Professional Library
- Trading Practices and Errors When SEC-registered investment advisors conduct annual audits of firm policies and procedures, they should pay close attention to trading practices. Though usually not required to, state-registered advisors should look at their trading practices and revise policies that do not fully protect clients.
- 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.
Securities and Exchange Commissioner Annette L. Nazareth announced her intention to leave the Commission to return to the private sector October 2. In her nine years at the Commission, as a Commissioner and previously as Director of the SEC's Division of Market Regulation, the SEC noted in a release that, Nazareth "has applied her financial markets expertise to a broad range of issues affecting investors and the securities markets." Nazareth has not set a date for her departure from the Commission, but has notified President Bush that she does not wish to be re-nominated, the SEC said in the release. Her term ended on June 5, 2007, but Commissioners may remain in their positions for up to 18 months beyond a term's end, unless a successor is appointed sooner.
With Nazareth's departure, the SEC will now have to replace two of its Commissioners, as Roel Campos left the Commission in September to join the law firm of Cooley Godward Kronish.