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.
- Dealings With Qualified Clients and Accredited Investors Depending upon an RIAs business model and investment strategies, it may be important to identify “qualified clients” and “accredited investors.” The Dodd-Frank Act authorized the SEC to change which clients are defined by those terms.
The use of furloughs is increasingly popular throughout many industries, but when employees are furloughed, the employer must make it clear that the employee must not do any work whatsoever. Given the myriad of remote access devices that we all have these days (including laptops, PDAs, e-mail, voice mail), it is likely that some exempt employees will be inclined to check their e-mail, return phone messages, or otherwise "work" while on furlough. However, as exempt employees are entitled to pay for any workweek in which any work is performed, employers should clearly advise that work is not authorized during any furlough period without advance written approval.