More On Legal & Compliancefrom The Advisor's Professional Library
- 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.
- Do’s and Don’ts of Advisory Contracts In preparation for a compliance exam, securities regulators typically will ask to see copies of an RIAs advisory agreements. An RIA must be able to produce requested contracts and the contracts must comply with applicable SEC or state rules.
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.