More On Legal & Compliancefrom The Advisor's Professional Library
- 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.
- Best Practices for Working with Senior Investors Securities examiners deal harshly with RIAs that do not fulfill their fiduciary obligations toward senior investors, as the SEC and state securities regulators view older investors as particularly vulnerable and in need of protection.
Senate Republicans agreed in the late afternoon on Wednesday, April 28, to allow debate to begin on Senator Chris Dodd's omnibus financial services reform bill.
The decision was made just hours after Republicans blocked for the third consecutive day Democratic efforts to move the bill forward through a cloture motion that failed to achieve the needed 60 votes to force the beginning of debate on the bill. A day earlier, the GOP released a substitute bill to Dodd's legislation in hopes that they could include their changes to the reform bill before it hit the Senate floor.
Dodd (D-Connecticut) issued a statement on April 28 before the Republicans softened their position, declaring that "It's time for this debate to begin," while his Republican counterpart on the Senate Banking Committee, Senator Richard Shelby (R-Alabama), said in his own statement that the negotiations with Dodd had reached an impasse.