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.
- Regulatory Oversight of Investment Advisors Although the regulatory environment is in a state of flux, it is imperative that RIAs adhere to their compliance obligations. To ensure compliance, RIAs and IARs must fully understand what those obligations are.
The National Tax Sheltered Accounts Association on Friday released its report from the third annual 403(b) Compliance Resolution Summit, a forum for 403(b) professionals to identify service issues and develop best practices for the resolution of those issues.
Participants at the summit included IRS and Association of School Business Officials representatives, consultants, advisors and attorneys, who gathered to discuss such topics as fee disclosure guidance, participant advice and fiduciary issues, and audit requirements for ERISA 403(b) providers.
According to Ellie Lowder, consultant, TSA Training & Consulting Services and NTSAA advisor, “The focus of the annual summit is to examine common operational and compliance problems that are prevalent in the 403(b) marketplace and provide real working solutions and share these with practitioners through our Best Practices Manual.”
The compliance summary report, says Lowder, “identifies problem areas where best practices need to be established, and features recommendations for current issues like fee disclosure–which impacts virtually everyone in the 403(b) marketplace.”
She continued, “We also, with the assistance of the American Institute of Public Accountants (AICPA) thoroughly discussed problems with 403(b) ERISA plan audits. In addition, the report includes check lists, glossaries, and forms that are essential in understanding and adopting the best practices. I encourage anyone involved in the 403(b) market to read the report and consult the Best Practices Manual–together these provide an invaluable tool kit for the 403(b) ERISA and non-ERISA market.”