More On Legal & Compliancefrom The Advisor's Professional Library
- Proxy Voting RIAs are not required to vote proxies on behalf of their clients. However, when an RIA does assume responsibility for voting proxies, the firm’s policies and procedures should help to ensure that votes are cast in the best interest of clients.
- Preventing and Dealing with Client Complaints Although the SEC has not provided specific guidance on how client complaints should be handled, a firms policies and procedures should provide clear direction how to do so, as neglecting complaints can exacerbate a bad situation.
Among the litany of studies (close to 17 of them, along with 95 rulemakings) that the SEC is charged with conducting under the Dodd-Frank Act, the advisory industry will be greatly affected by about five of them.
One of those five, the fiduciary study, is already under way with the SEC required to submit its report to Congress in January. Dodd-Frank also stipulated that the Government Accountability Office's (GAO) study of the regulation of the financial planning industry is to be submitted to Congress 180 days after the signing of Dodd-Frank into law, which means lawmakers should have the GAO study by late January.
Financial Planner Study (GAO): To examine the effectiveness of state and federal regulation of financial planners.
Study Concerning Improving Access to Registration Information for BDs and RIAs (SEC): To develop recommendations about improving investor access to registration information on BDs, RIAs, and associated persons of these entities.
Review of BD Auditors (PCAOB): To examine financial audits of broker-dealers.
Investment Adviser Examination Study (SEC): To examine whether an SRO should be designated to oversee RIAs.
>> Return to "Dissecting the FSI's Position on Fiduciary"