Editor's Choice: Week of June 1, 2009

More On Legal & Compliance

from The Advisor's Professional Library
  • Trading Practices and Errors When SEC-registered investment advisors conduct annual audits of firm policies and procedures, they should pay close attention to trading practices.  Though usually not required to, state-registered advisors should look at their trading practices and revise policies that do not fully protect clients.
  • The Need for Thorough and Effective Policies and Procedures Whethere an advisor is SEC or state-registered, RIAs must revise their policies and procedures to address significant compliance problems occurring during the year, changes in business arrangements, and regulatory developments.
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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