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.
- U.S. Securities and Exchange Commission Information This information sheet contains general information about certain provisions of the Investment Advisers Act of 1940 and selected rules under the Advisers Act. It also provides information about the resources available from the SEC to help advisors understand and comply with these laws and rules.
The Securities and Exchange Commission published for public comment in October its Draft Strategic Plan outlining the Commission's strategic goals for fiscal years 2010 through 2015. The SEC says the draft plan surveys the forces shaping the SEC's environment and outlines over 70 initiatives designed to support its primary strategic goals. Comments on the proposal are due by November 16.
Besides strengthening the SEC's enforcement division, the strategic plan also sets out beefing up investment advisor and broker/dealer oversight. The Commission pointed to its consideration of rules designed to prevent political contributions from influencing the selection of investment advisers to the detriment of public pension plan clients, as well as rules that would provide additional safeguards to investors when an adviser has custody of client assets. The SEC says it will also "consider requiring those who provide investment advice to provide clients and prospective clients with clear, current, and more meaningful disclosure of their business practices, conflicts of interest, and backgrounds."