More On Legal & Compliancefrom The Advisor's Professional Library
- Trading Practices and Errors When SEC-registered investment advisors conduct annual audits of firm policies and procedures, they should pay close attention to trading practices. Though usually not required to, state-registered advisors should look at their trading practices and revise policies that do not fully protect clients.
- U.S. Securities and Exchange Commission Information This information sheet contains general information about certain provisions of the Investment Advisers Act of 1940 and selected rules under the Advisers Act. It also provides information about the resources available from the SEC to help advisors understand and comply with these laws and rules.
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.