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.
- 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.
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).