More On Legal & Compliancefrom The Advisor's Professional Library
- 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.
- 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.
The Securities and Exchange Commission announced Thursday that it has reopened the comment period for 30 days on its proposed amendments to its net capital, customer protection, books and records, and notification rules for broker-dealers.
The proposed rule amendments are designed to update the financial responsibility rules for broker-dealers and make certain technical amendments. The commission issued the proposed amendments on March 9, 2007, and the public comment period on the proposal closed on June 18, 2007.
The commission says that it did not act on the rule amendments it proposed in 2007. “Given economic events, regulatory developments and passage of time since then, as well as the continuing public interest in this area, the commission believes that it would be appropriate to seek additional public comment on the proposed rule amendments,” the SEC said.