More On Legal & Compliancefrom The Advisor's Professional Library
- 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.
- RIAs and Customer Identification Just as RIAs owe a duty to diligently protect their clients privacy and guard against theft, firms also play a vital role in customer identification. Although RIAs are not subject to an anti-money laundering rule, securities regulators expect advisors to address these issues in their policies and procedures.
Last week's somewhat surprising news that unemployment continued to rise in August to 9.7% as 216,000 jobs were shed during the month raised concerns anew that the shaky recovery may well be a jobless one. At least one group returns to work in this holiday-shortened week: the United States Congress reconvenes following its August recess. A joint session of Congress will greet President Obama on Wednesday at which he will present anew his vision of healthcare reform, part of which he previewed in a Labor Day speech in Cincinnati. Former Senate Majority Leader and Presidential candidate Bob Dole had some advice for Mr. Obama in a Washington Post Op Ed last week.
A week after releasing his damning report on the SEC's failure in the Bernie Madoff case, the Commission's inspector general, David Kotz, along with Madoff whistleblower Harry Markopolos and the SEC's Robert Khuzami and John Walsh, appear before the Senate Banking Committee in the afternoon of September 10 to discuss that failure.
As for market-moving news, the consumer credit report is to be released on the afternoon of September 8, and the ICSC-Goldman retail sales report released early on the same day showed further declines. On September 10, the Labor Department will release weekly unemployment insurance claims; last week's claims were down slightly from the previous week, but looking at claims from a four-week moving average viewpoint showed a slight rise.
How does Warren Buffett feel about the markets these days? A New York Times article reads the wizard's tea leaves, while at Forbes, you might want to check out how even the swankiest homes values have been hit in its wealthiest-Zip-codes-in-the-U.S. feature.