More On Legal & Compliancefrom The Advisor's Professional Library
- Dealings With Qualified Clients and Accredited Investors Depending upon an RIAs business model and investment strategies, it may be important to identify “qualified clients” and “accredited investors.” The Dodd-Frank Act authorized the SEC to change which clients are defined by those terms.
- Books and Records Rule Thorough and complete books and records enable RIAs to demonstrate that they have fulfilled their fiduciary obligations to clients and complied with applicable rules and regulations.
The bill now has key "yes' votes from Maine Republican Senators Olympia Snowe and Susan Collins along with Senator Scott Brown (R-Massachusetts); The three Senators have now signaled that they are on board to support what is formally called the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Democratic Senator from Nebraska, Ben Nelson, also said July 13, that he would support the reform bill, after stating July 12 that he still had concerns about it.