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.
- Pay-to-Play Rule Violating the pay-to-play rule can result in serious consequences, and RIAs should adopt robust policies and procedures to prevent and detect contributions made to influence the selection of the firm by a government entity.
JPMorgan Chase CEO Jamie Dimon will testify before the Senate Banking Committee on June 13 regarding the bank's reported $2 billion trading losses, the committee announced Thursday.
The hearing with Dimon (left) had previously been announced for June 7; however, a Senate Banking Committee spokesman said that June 13 is the only date in June that works for both the Senate Banking Committee and Dimon.
On May 22, committee members heard from the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commisssion (CFTC). At that hearing, both regulators confirmed they were investigating JPMorgan.
The second hearing will be held June 6, with testimony from officials from the Federal Reserve, Federal Deposit Insurance Corp. (FDIC), Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) as well as the Treasury Department.