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.
- The Few and the Proud: Chief Compliance Officers CCOs make significant contributions to success of an RIA, designing and implementing compliance programs that prevent, detect and correct securities law violations. When major compliance problems occur at firms, CCOs will likely receive regulatory consequences.
Last week President Obama proposed an extension of the Bush-era tax cuts for those making under $200,000 (individuals)/$250,000 (families), while allowing the tax cuts for those in higher income brackets to expire at the end of the year, and Boehner seemed to indicate that there might be room for a compromise. But as the Senate resumed work on Monday, McConnell declared, through spokesman Don Stewart, "There are no Republicans who support a tax hike."
Complicating matters are the Democrats who currently side with Republicans, refusing to raise taxes on anyone. Senator Joe Lieberman (I-Connecticut) said in a statement on Monday, "I don't think it makes sense to raise any federal taxes during the uncertain economy we are struggling through."
However, Senate Majority Leader Harry Reid (D-Nevada) may be willing to call the GOP's bluff. And there is the potential for two separate votes--one to restore the tax cuts for the lower brackets, with an additional vote later to restore cuts on higher brackets. Such a segmented vote may reassure those Democrats who are reluctant to raise taxes on anyone, offering them the opportunity to vote for cuts for the lower brackets and then again for the higher.
Some hearings scheduled for this week:
Department of Labor, Hearings on Lifetime Income Options
House Ways and Means Committee, China and the Yuan
House Financial Services Subcommittee on Capital Markets, "The Future of Housing Finance"
Committee on Banking, Housing, and Urban Affairs, Covered Bonds
House Financial Services Committee, Dodd-Frank Reform Bill concerns