More On Legal & Compliancefrom The Advisor's Professional Library
- Where Are We Headed? The ultimate compliance goal is to help ensure that everyone associated with an advisory firm acts ethically at all times. Advisors and RIAs should do the right thing, even when regulators are not looking over their shoulders.
- Nothing but the Best Execution Along with the many other fiduciary obligations owed by RIAs, firms owe a duty to seek best execution of clients transactions. If they fail to do, RIAs violate Section 206 of the Investment Advisers Act.
The head of the fund-industry's advocacy group has outlined the regulatory reforms that most need Washington's attention. Here's the list, compiled by Paul Schott Stevens of the Investment Company Institute:
o Establish a single U.S. capital markets regulator for the SEC and Commodity Futures Trading Commission.
o Update the securities laws and harmonize laws that regulate brokers and investment advisors.
o Enlarge the mission; tough enforcement of securities laws must include smart oversight.
o Pay attention to agency management, including a better mix of disciplines on SEC staff, and
o Restructure staff offices.
Please send your views on the wish list to firstname.lastname@example.org.