More On Legal & Compliancefrom The Advisor's Professional Library
- Where Are We Headed? The ultimate compliance goal is to help ensure that everyone associated with an advisory firm acts ethically at all times. Advisors and RIAs should do the right thing, even when regulators are not looking over their shoulders.
- Conducting Due Diligence of Sub-Advisors and Third-Party Advisors Engaging in due-diligence of sub-advisors isnt just a recommended best practice it is part of the fiduciary obligation to a client. An RIA should be extremely reluctant to enter a relationship with a sub-advisor who claims the firms strategy is proprietary.
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.