More On Legal & Compliancefrom The Advisor's Professional Library
- Trading Practices and Errors When SEC-registered investment advisors conduct annual audits of firm policies and procedures, they should pay close attention to trading practices. Though usually not required to, state-registered advisors should look at their trading practices and revise policies that do not fully protect clients.
- 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 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.