More On Legal & Compliancefrom The Advisor's Professional Library
- Client Communication and Miscommunication RIA policies and procedures must specify what type of communications should be retained. The safest course of action is for RIAs to retain all communicationsto clients, from clients, and about client accounts. To comply with fiduciary obligations, communications must be thorough and not mislead.
- Books and Records Rule Thorough and complete books and records enable RIAs to demonstrate that they have fulfilled their fiduciary obligations to clients and complied with applicable rules and regulations.
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.