SEC Nominees Confirmed

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

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from 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.
  • Preventing and Dealing with Client Complaints Although the SEC has not provided specific guidance on how client complaints should be handled, a firm’s policies and procedures should provide clear direction how to do so, as neglecting complaints can exacerbate a bad situation.

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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