More On Legal & Compliancefrom The Advisor's Professional Library
- Registration Requirements for Investment Advisor Representatives (IARs) When individuals launch an advisory firm, they must avoid marketing themselves or the firm as investment advisors before they are properly approved and registered. Otherwise, they are subject to severe penalties.
- Client Communication and Miscommunication RIA policies and procedures must specify what type of communications should be retained. The safest course of action is for RIAs to retain all communicationsto clients, from clients, and about client accounts. To comply with fiduciary obligations, communications must be thorough and not mislead.
In a major turnaround, Senate Majority Leader Harry Reid (R-Nevada) announced Monday, October 26, that he plans to bring a healthcare bill to the Senate floor that includes a public option that features an "opt out" clause, allowing states to choose if they want to participate.
According to published reports, Reid made the decision without commitments of support from 60 senators, meaning that he wouldn't have the votes to overcome any filibuster on the measure by Republicans.
Those published reports also quoted an aide to Reid as calling the move a "risky strategy." However, the aide said because Reid believes including the public option is the right approach, the senator is "cautiously optimistic he can get the votes necessary."