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.
- Privacy Policies and Rules Whether an RIA is SEC or state-registered, the firm must have policies and procedures in effect to protect clients privacy. Policies and procedures should explicitly require an RIA to send out its privacy notice each year.
Roy Woodall, nominated for the only voting seat of three on the Financial Stability Oversight Council (FSOC) devoted to insurance experts, was confirmed Tuesday in the Senate. The body used a unanimous consent process that allowed confirmation of a number of other candidates as well to appointments on various boards, committees and courts.
NU Online News Service reported that Woodall’s nomination had previously been endorsed by the Senate Banking, Housing and Urban Affairs Committee on Sept. 8. There are three positions on the FSOC for insurance representatives; Woodall’s is the only one with the ability to vote. The other two members are Missouri Insurance Director John Huff, representing the National Association of Insurance Commissioners, Kansas City, Mo., and Michael McRaith, director of the new Federal Insurance Office.
Woodall is a former Kentucky insurance commissioner. He is also a former president of the National Association of Life Companies, has worked at the Treasury Department in both the George W. Bush and Obama administrations as an expert on insurance-related issues and served as chief counsel for state relations at the American Council of Life Insurers, Washington.
The FSOC, created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, is supposed to help federal financial services regulators monitor trends, events and companies that could threaten the stability of the U.S. financial system.