More On Legal & Compliancefrom The Advisor's Professional Library
- Differences Between State and SEC Regulation of Investment Advisors States may impose licensing or registration requirements on IARs doing business in their jurisdiction, even if the IAR works for an SEC-registered firm. States may investigate and prosecute fraud by any IAR in their jurisdiction, even if the individual works for an SEC-registered firm.
- Registration Requirements for Investment Advisor Representatives (IARs) When individuals launch an advisory firm, they must avoid marketing themselves or the firm as investment advisors before they are properly approved and registered. Otherwise, they are subject to severe penalties.
The House reports back for duty on April 21, while the Senate starts up on April 20, when it will consider the Fraud Enforcement and Recovery Act of Sen. Patrick Leahy (D-Vermont).
Finally, in the good news/bad news category, NAPFA got some coverage from New York Times personal finance columnist Ron Lieber, whose advisor--a NAPFA member--allegedly stole some of his money. At least Lieber quoted Diahann Lassus, and provided a link to the NAPFA site.