More On Legal & Compliancefrom The Advisor's Professional Library
- Where Are We Headed? The ultimate compliance goal is to help ensure that everyone associated with an advisory firm acts ethically at all times. Advisors and RIAs should do the right thing, even when regulators are not looking over their shoulders.
- 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.
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.