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.
- 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.
Monday, August 30, is the deadline for submitting comments to the Securities and Exchange Commission to "inform its study of the obligations and standards of care of broker-dealers and investment advisers providing personalized investment advice about securities to retail investors," as the SEC put it in releasing the call for public comments on July 27.
The study is required under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which became law on July 21, 2010 after a protracted legislative battle.
In his latest blog posting, Investment Advisor Editor-At-Large Bob Clark shares with readers how to ensure your comments stand out from the crowd at the SEC, using the insights of Kristina Fausti of Fi360.
To make your comments, visit the specific part of the SEC Web site that makes it easy to comment online on the fiduciary issue; you can see who has already submitted comments here; you can also comment on other issues from the Frank-Dodd reform bill in another part of the SEC Web site.