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.
- Dealings With Qualified Clients and Accredited Investors Depending upon an RIAs business model and investment strategies, it may be important to identify “qualified clients” and “accredited investors.” The Dodd-Frank Act authorized the SEC to change which clients are defined by those terms.
LPL Financial announced Friday that it has hired James Shorris, a former top enforcement official at FINRA, as executive vice president and associate counsel for regulatory and compliance policy.
Shorris, who will be based out of Boston, will serve as both a member of LPL Financial’s legal department and its government, risk and compliance (GRC) management team, and will also work to address regulatory inquiries and enforcement matters, as well as regulatory examinations, LPL says.
He will also be responsible for evaluating GRC’s supervisory policies, practices and related business processes. In addition, Shorris will assist with the firm’s government relations strategy and efforts in Washington, D.C.
Shorris joins LPL, the nation’s largest independent broker-dealer, after having 26 years of legal and financial services experience under his belt, most recently at the FINRA where he has served in multiple leadership positions over the past eight years, most recently as executive vice president and executive director of enforcement.
In this role, Shorris was responsible for the day-to-day operational management of the enforcement department, supervising cases involving mutual fund sales and distribution practices, variable annuity suitability, fixed-income pricing, and anti-money laundering failures.
He also developed and implemented enforcement policy, supervised regional and home office investigative and litigation functions, coordinated with the Securities and Exchange Commission and other regulators, and responded to congressional and Government Accountability Office inquiries.