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.
- The Need for Thorough and Effective Policies and Procedures Whethere an advisor is SEC or state-registered, RIAs must revise their policies and procedures to address significant compliance problems occurring during the year, changes in business arrangements, and regulatory developments.
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.