More On Legal & Compliancefrom The Advisor's Professional Library
- The New and Improved Form ADV Whether an RIA is describing its investment strategy in advertisements or in the new Form ADV Part 2, it is important the firm articulates material risks faced by advisory clients and avoids language that might be construed as a guarantee.
- Do’s and Don’ts of Advisory Contracts In preparation for a compliance exam, securities regulators typically will ask to see copies of an RIAs advisory agreements. An RIA must be able to produce requested contracts and the contracts must comply with applicable SEC or state rules.
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.