More On Legal & Compliancefrom The Advisor's Professional Library
- Scope of the Fiduciary Duty Owed by Investment Advisors A fiduciary obligation goes beyond the suitability standard typically owed by registered representatives of broker-dealer firms to clients. The relationship is built on the premise that the advisor will always do the right thing for the person or entity receiving advice.
- Anti-Fraud Provisions of the Investment Advisers Act RIAs and IARs should view themselves as fiduciaries at all times, whether they meet the legal definition or not. Deviating from the fiduciary standard of full disclosure while courting clients may cause the advisor significant problems.
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.