SEC Nominees Confirmed

Three new commissioners will have terms ranging from two to five years

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  • Whistleblowers A whistleblower is any individual providing the SEC with original information related to a possible violation of federal securities law.  The Dodd-Frank Act established a whistleblower program that enables the SEC to reward individuals who voluntarily provide such information.
  • Client Communication and Miscommunication RIA policies and procedures must specify what type of communications should be retained. The safest course of action is for RIAs to retain all communications—to clients, from clients, and about client accounts.  To comply with fiduciary obligations, communications must be thorough and not mislead.

The Senate confirmed on June 27 three new SEC commissioner nominees. Elisse

Walter, senior VP of Regulatory Policy & Programs at FINRA, has been

confirmed to be an SEC Commissioner with her term expiring June 5, 2012.

Luis Aguilar, a partner with the law firm McKenna Long & Aldridge in

Atlanta, has also been confirmed as an SEC commissioner, serving a term

which will expire June 5, 2010. Aguilar's broadly-based practice concerns

general corporate and business law, international transactions, investment

companies and investment advisors, securities law, and corporate finance.

The third new SEC commissioner will be Troy Paredes, a professor of law at

Washington University in St. Louis. His term will expire June 5, 2013. No

dates on when the three new commissioners would begin their terms were made

available by the Senate or the SEC.

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