More On Legal & Compliancefrom The Advisor's Professional Library
- Disaster Recovery Plans and Succession Planning RIAs owe a fiduciary duty to clients to prepare for disasters and other contingencies. If an RIA does not have a disaster recovery plan, clients financial well-being may be jeopardized. RIAs should also engage in succession planning, ensuring a smooth transaction if an owner or principal leaves.
- Differences Between State and SEC Regulation of Investment Advisors States may impose licensing or registration requirements on IARs doing business in their jurisdiction, even if the IAR works for an SEC-registered firm. States may investigate and prosecute fraud by any IAR in their jurisdiction, even if the individual works for an SEC-registered firm.
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.