Editor's Choice for Week of October 19, 2009

More On Legal & Compliance

from The Advisor's Professional Library
  • The Custody Rule and its Ramifications When an RIA takes custody of a client’s funds or securities, risk to that individual increases dramatically. Rule 206(4)-2 under the Investment Advisers Act (better known as the Custody Rule), was passed to protect clients from unscrupulous investors.
  • 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.

While many of the biggest banks reported earnings last week, this week corporate third quarter earnings reports continue, including some from companies that advisors would find interesting. We also see a hodgepodge of other reports: on October 20 housing starts and the producer price index numbers will be released, while the House Financial Services Committee holds a hearing on systemic regulation, while the Senate Banking, Housing, and Urban Affairs Committee holds a hearing on housing.

As for earnings, BlackRock reports on October 20, as does Bank of New York Mellon. On the 21st, we hear about first-time jobless claims, leading indicators, and the Fed's beige book; earnings include Ameriprise, Morgan Stanley, and Raymond James Financial.

On October 22, Legg Mason reports earnings, and the Senate Joint Economic Committee holds hearings on the economic outlook, while on October 23, we hear about existing home sales, and T. Rowe Price earnings.

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