More On Legal & Compliancefrom The Advisor's Professional Library
- 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.
- Privacy Policies and Rules Whether an RIA is SEC or state-registered, the firm must have policies and procedures in effect to protect clients privacy. Policies and procedures should explicitly require an RIA to send out its privacy notice each year.
Senate Republicans on Thursday, April 22, blocked debate on legislation that would bring about sweeping financial reform, so Democrats called for a procedural vote on Monday evening to break the Republican filibuster.
Mitch McConnell, Senate Republican leader from Kentucky, objected to the Democrats trying to force debate while negotiations on the bill by Senator Christopher Dodd (D-Connecticut) were still continuing.
Senate Majority Leader Harry Reid of Nevada responded that Democrats had tried for two months to reach a deal with Republican members on the banking committee and that he was ready to test Republicans to see if all 41 would vote against the bill moving to the full Senate.
Read a news item on President Obama's speech on financial reform in New York on InvestmentAdvisor.com.