More On Legal & Compliancefrom The Advisor's Professional Library
- RIAs and Customer Identification Just as RIAs owe a duty to diligently protect their clients privacy and guard against theft, firms also play a vital role in customer identification. Although RIAs are not subject to an anti-money laundering rule, securities regulators expect advisors to address these issues in their policies and procedures.
- Registration Requirements for Investment Advisor Representatives (IARs) When individuals launch an advisory firm, they must avoid marketing themselves or the firm as investment advisors before they are properly approved and registered. Otherwise, they are subject to severe penalties.
The business week of July 26 ended with a report from the Commerce Department that economic growth slowed in the second quarter, but buoyant news from other reports, including strong corporate earnings, helped the Dow rise 7.1% for the month; the Dow and the S&P 500 both had their best months since July 2009.
This week begins on August 2 with the ISM manufacturing index numbers for July and the Commerce Department's release of construction spending for June. NYSE Euronext reports its earnings as well. There are two big speeches on tap: Fed Chairman Ben Bernanke addresses challenges for the economy and state governments at the Southern Legislative Conference in Charleston, South Carolina, while Treasury Secretary Tim Geithner discusses the next steps for financial reform in an address at NYU's Stern School of Business in New York.
On Tuesday, August 3, we learn about auto sales for July, while the Commerce Dept. reports on personal income and spending for June. Also due for release: pending home sales for June and factory orders for June.
Wednesday, August 4 brings the ADP national employment report for July.
Also on the 5th, Canada releases its jobs report, while Hartford Financial, Allstate, and Prudential announce their Q2 earnings. Finally, the Federal Reserve and the FDIC hold a hearing on updates for assessing performance under the Community Reinvestment Act.
On Friday the 6th comes the Bureau of Labor Statistics' employment report for July, along with the Fed's report on June consumer credit.
We were also pleased to hear that New York City Mayor Michael Bloomberg named one of our favorite smart people and money managers, Ranji Nagaswami, to be the city's first chief investment advisor. Nagaswami, a former CIO at AllianceBernstein, a speaker at several Investment Advisor conferences and, more recently, a member of WealthManagerWeb.com's 2010 advisory board for its Top Women in Wealth, will also chair the New York City Employees' Retirement System (NYCERS).