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.
- 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.
The SEC announced August 17 that it is seeking public comment on an alternative approach to short selling price test restrictions that the Commission says "may be more effective and easier to implement than previously proposed price test restrictions currently under consideration."
The alternative uptick rule would allow short selling only at an increment above the national best bid. As a result, the Commission has reopened the comment period for 30 days--the original comment period for the proposals issued in April ended June 19--in order to receive input specifically on this alternative.
The SEC says it "particularly seeks comments on the alternative uptick rule as a permanent market-wide approach, as well as whether the alternative uptick rule should be combined with a circuit breaker approach."