More On Legal & Compliancefrom The Advisor's Professional Library
- Proxy Voting RIAs are not required to vote proxies on behalf of their clients. However, when an RIA does assume responsibility for voting proxies, the firm’s policies and procedures should help to ensure that votes are cast in the best interest of clients.
- Preventing and Dealing with Client Complaints Although the SEC has not provided specific guidance on how client complaints should be handled, a firms policies and procedures should provide clear direction how to do so, as neglecting complaints can exacerbate a bad situation.
Mary Schapiro is now officially the chairwoman of the Securities and Exchange Commission. Schapiro was sworn in at the SEC on January 27 after being unanimously approved by the Senate on January 26. The oath of office was administered by SEC Commissioner Elisse B. Walter at SEC headquarters.
"Seventy-five years after this great agency was founded, the SEC must play a critical role in rebuilding investor confidence, reviving our markets, and rejuvenating our economy," said Chairman Schapiro after being sworn in. "I'm honored and grateful to be entrusted with leading this agency during such an important time--when the SEC must effusively be the investor's advocate. Working with my fellow Commissioners and the agency's talented staff, we will be committed to reinvigorating a financial regulatory system that must protect investors and vigorously enforce the rules. We will work to deepen the SEC's commitment to transparency, accountability, and disclosure while always keeping the needs and concerns of investors front and center."
Chairman Schapiro was appointed by President Barack Obama on January 20, 2009.
The Board of Governors of the Financial Industry Regulatory Authority (FINRA) has established a search committee to identify candidates to replace Schapiro as FINRA's CEO. Stephen Luparello, FINRA's Senior Executive Vice President for Regulatory Operations, will serve as Interim CEO while the Board committee conducts its search for a permanent CEO.