SEC Nominees Confirmed

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

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  • 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 RIA’s failure to stay within the scope of the Section 28(e) safe harbor may violate the advisor’s 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.

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