More On Legal & Compliancefrom The Advisor's Professional Library
- Regulatory Oversight of Investment Advisors Although the regulatory environment is in a state of flux, it is imperative that RIAs adhere to their compliance obligations. To ensure compliance, RIAs and IARs must fully understand what those obligations are.
- Client Commission Practices and Soft Dollars RIAs should always evaluate whether the products and services they receive from broker-dealers are appropriate. The SEC suggested that an RIAs failure to stay within the scope of the Section 28(e) safe harbor may violate the advisors fiduciary duty to clients, so RIAs must evaluate their soft dollar relationships on a regular basis to ensure they are disclosed properly and that they do not negatively impact the best execution of clients transactions.
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.