More On Legal & Compliancefrom The Advisor's Professional Library
- 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.
- Anti-Fraud Provisions of the Investment Advisers Act RIAs and IARs should view themselves as fiduciaries at all times, whether they meet the legal definition or not. Deviating from the fiduciary standard of full disclosure while courting clients may cause the advisor significant problems.
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.