More On Legal & Compliancefrom The Advisor's Professional Library
- Anti-Fraud Provisions of the Investment Advisers Act RIAs and IARs should view themselves as fiduciaries at all times, whether they meet the legal definition or not. Deviating from the fiduciary standard of full disclosure while courting clients may cause the advisor significant problems.
- Agency and Principal Transactions In passing Section 206(3) of the Investment Advisers Act, Congress recognized that principal and agency transactions can be harmful to clients. Such transactions create the opportunity for RIAs to engage in self-dealing.
Final passage by the Senate of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 is expected by Wednesday evening. By a vote of 83-15, the Senate agreed in a procedural vote on Monday to advance the tax package to a final vote, which was initially expected on Dec. 14.
In comments after the Senate vote, President Barack Obama said that he was pleased to announce that the “Senate is moving forward on a package of tax cuts that has strong bipartisan support. This proves that both parties can in fact work together to grow our economy and look out for the American people.”
Obama went on to say that he’s been talking with members of the House and that he recognized “that folks on both sides of the political spectrum are unhappy with certain parts of the package, and I understand those concerns. I share some of them. But that's the nature of compromise -- sacrificing something that each of us cares about to move forward on what matters to all of us. Right now, that's growing the economy and creating jobs. And nearly every economist agrees that that is what this package will do."
The House is expected to finish work on the bill--including possible amendments, particularly to the estate tax provision--by the end of the week. House Majority Leader Steny Hoyer, D.-Md., said in comments on Monday that both the House Ways and Means and Rules committees would consider the bill before it comes to the House floor.