More On Legal & Compliancefrom The Advisor's Professional Library
- 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.
- Updating Form ADV and Form U4 When it comes to disclosure on Form ADV, RIAs should assume information would be material to investors. When in doubt, RIAs should disclose information rather than arguing later with securities regulators that it was not material.
Another crisis, another instance of Congress kicking the can the down the road. And, what else would the gridlocked lawmakers do other than create another committee to do the work it couldn’t? Remember the supercommittee? Turned out finding out a bipartisan solution was the panel’s kryptonite.
So it has come to this: On Friday the House caved and passed in a pro forma session a two-month extension of the payroll tax and the Senate concurred (and President Barack Obama signed it into law). Then Senate Majority Leader Harry Reid, D-Nev., and House Speaker John Boehner, R-Ohio, agreed to appoint a committee to world out a long-term solution to extend the tax break that puts more money into millions of American households pockets each week.
Now it’s time to start the hard work and advisors can do something: contact members of the payroll tax committee and urged them to get a deal done that sets politics aside and helps your clients.
The Democrats have named their committee members and the Republicans will soon follow suit. Here are the names of those on the committee and links to their websites. Don’t be like Congress and delay the important work. Your voice must be heard on this important issue.
Reid’s Democratic appointees are:
- Sen. Max Baucus of Montana, chairman of the Senate Finance Committee
- Sen. Jack Reed of Rhode Island
- Sen. Ben L. Cardin of Maryland
- Sen. Bob Casey of Pennsylvania
Rep. Nancy Pelosi of California, the minority leader, appointed: