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.
- 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.
With family offices having until next March 12 to decide whether they must register with the Securities and Exchange Commission or applicable state authorities or are exempt from doing so, Family Office Exchange has a workshop help them decide.
Family Office Exchange (FOX) announced Tuesday that a two-day workshop in New York on Sept. 7-8 to provide a comprehensive review of the major regulatory and legal changes under the Dodd-Frank Act that affect family offices and offer guidance in developing a customized response to facilitate compliance.
The workshops will be open only to wealth owners, family office executives and qualified multi-family office executives and advisors, FOX said in a statement.
The SEC approved a rule on June 22, defining what kind of firm can call itself a “family office” and thereby is excluded from the Investment Advisers Act of 1940. Entities that do not qualify for the exemption will have to either register with the agency as an RIA or make substantial changes in their structure.
According to FOX, options for entities that do not qualify for exemptions include becoming a qualifying family office by declining all clients who fall outside the SEC definition of “family client,” removing the investment function from family office control, reorganizing the office as a state-regulated family-owned private trust company or seeking an exemption from the SEC.
Several subject-matter experts will lead discussions during the two-day workshops, including:
- Tom Balliett, a partner with Kramer, Levin, Naftalis & Frankel
- John P.C. Duncan, founder of Duncan Associates Attorneys and Counselors
- Wallace Head, managing director of Personal Fiduciary Advisors
- Martin E. Lybecker, a partner with Perkins Coie
- David Simon, founder and president of WeComply Inc.
- Tim Terry, deputy general counsel with Hartz Capital.