More On Legal & Compliancefrom The Advisor's Professional Library
- Books and Records Rule Thorough and complete books and records enable RIAs to demonstrate that they have fulfilled their fiduciary obligations to clients and complied with applicable rules and regulations.
- 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.
On Monday, September 14, President Obama travels to Federal Hall in New York to speak about financial services reform, one year to the day after talks between Lehman Brothers and Barclays fell apart, leading Lehman to declare bankruptcy on September 15, 2008.. He's also expected to take the credit for the improvement in the financial markets since he took office; Treasury Secretary Geithner laid out those same claims in testimony last week before the Congressional TARP oversight panel.
Mohammed El-Erian and Laurence Fink discussed whether the financial system was safer in remarks at the Schwab Impact show on the evening of September 13.
Speaking of economic and markets health, Wealth Manager Editor-in-Chief Kate McBride reports that High Frequency Economics has some recession expectations for Japan and euroland, but is more sanguine on the U.S. economy.
As for actual economic reports, the Consumer Price Index for August will be released on the 15th. The consensus for the headline inflation rate for last month is for an 0.8% increase due mostly to a spike in oil prices; the consensus for the rate without the volatile food and energy sectors is for a more modest 0.1% increase; in July the headline rate was a minus 0.9%.
The Census department reports retail sales for August on the 15th. Absent volatile auto sales (the cash for clunkers program is expected to boost the numbers for August), the consensus among economists is for a 0.6% drop in sales.
The Bureau of Labor Statistics will release producer prices for August on September 15.
Weekly unemployment claims from the Department of Labor will be released on September 18. Last week's report showed a slight decline in initial claims week-over-week (though there were still 550,000 who filed claims in the week ending September 5) and in the four-week moving average.
In Congress, the Senate Finance Committee holds hearings on unemployment benefits on Tuesday morning the 15th, while in the afternoon, the Senate Energy Committee will hold a hearing on greenhouse gas trading program. On September 17, the House Financial Services Committee's Subcommittee on Oversight and Investigations is due to examine the role of technology in financial services oversight.