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.
- 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 communicationsto 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.