Editor's Choice for the Week of August 17, 2009

More On Legal & Compliance

from The Advisor's Professional Library
  • Do’s and Don’ts of Advisory Contracts In preparation for a compliance exam, securities regulators typically will ask to see copies of an RIAs advisory agreements. An RIA must be able to produce requested contracts and the contracts must comply with applicable SEC or state rules.
  • 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.

Following two days of meetings by the Federal Reserve's Open Market Committee, on August 12 the FOMC said "Although economic activity is likely to remain weak for a time, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability." See the full Fed release here, and read Forward Capital economist Richard Moody's reading of the Fed's tea leaves here. Also last week, the inflation number for July was unchanged.

The University of Chicago's Richard Thaler has written two pieces of interest--one on healthcare reform in The New York Times on August 16, the other in the Financial Times on the efficient market. Both are worth your time.

This week sees Producer Prices from the Bureau of Labor Statistics on Tuesday the 18th, along with housing starts as reported by the Census Bureau. Unemployment claims for the week ending August 15 are released Thursday morning the 20th, and on the 21st come sales of existing homes.

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