More On Legal & Compliancefrom The Advisor's Professional Library
- 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.
- Client Commission Practices and Soft Dollars RIAs should always evaluate whether the products and services they receive from broker-dealers are appropriate. The SEC suggested that an RIAs failure to stay within the scope of the Section 28(e) safe harbor may violate the advisors fiduciary duty to clients, so RIAs must evaluate their soft dollar relationships on a regular basis to ensure they are disclosed properly and that they do not negatively impact the best execution of clients transactions.
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.