Editor's Choice: Week of June 1, 2009

More On Legal & Compliance

from The Advisor's Professional Library
  • Preventing and Dealing with Client Complaints Although the SEC has not provided specific guidance on how client complaints should be handled, a firm’s policies and procedures should provide clear direction how to do so, as neglecting complaints can exacerbate a bad situation.
  • 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.
Good news, bad news. It turns out the economy only shrank at an annual rate of 5.7% in the first quarter, not the preliminary estimate of 6.1%, the Commerce Department reported on May 29, but the FDIC's Sheila Bair said May 27 that the U.S. banking industry "still faces tremendous challenges," and that "asset quality remains a further concern" upon the release of its Quarterly Banking Profile Perhaps Treasury Secretary Geithner didn't read the report; as he arrived in China May 31, he proclaimed that the U.S. financial system "is in substantially better shape."

Major reports this week include May retail sales numbers on June 4, and May unemployment figures on June 5.

Also, look for onsite news coverage from IA staff this week from the Pershing LLC conference and the NAPFA national gathering.

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