More On Legal & Compliancefrom The Advisor's Professional Library
- Updating Form ADV and Form U4 When it comes to disclosure on Form ADV, RIAs should assume information would be material to investors. When in doubt, RIAs should disclose information rather than arguing later with securities regulators that it was not material.
- 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.
Title VII, the two agencies say, provides for the comprehensive regulation of swaps and security-based swaps and includes definitions of key terms relating to such regulation. The title of the Dodd-Frank Act "requires the CFTC and the SEC, in consultation with the Board of Governors of the Federal Reserve System, to jointly further define the terms 'swap,' 'security-based swap,' 'swap dealer,' 'security-based swap dealer,' 'major swap participant,' 'major security-based swap participant,' 'eligible contract participant' and 'security-based swap agreement,' " the two agencies say in their release requesting public comments.
Title VII also requires the CFTC and SEC to jointly prescribe regulations regarding "mixed swaps" as necessary to carry out the purposes of Title VII.
The SEC and CFTC also have a series of email links on the two agencies' Web sites to facilitate public comment regarding regulatory reform rulemaking under the Dodd-Frank Act.
Read a story about the SEC and CFTC's meeting on May 6 "Flash Crash" from the archives of InvestmentAdvisor.com.