More On Legal & Compliancefrom The Advisor's Professional Library
- 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.
- Do’s and Don’ts of Advisory Contracts In preparation for a compliance exam, securities regulators typically will ask to see copies of an RIAs advisory agreements. An RIA must be able to produce requested contracts and the contracts must comply with applicable SEC or state rules.
The Senate Banking Committee is “tentatively” looking at the week of March 11 for a confirmation hearing with Mary Jo White (left), President Barack Obama’s choice as the next head of the Securities and Exchange Commission, a Senate aide told AdvisorOne Monday night.
Once the Senate Banking Committee has its hearing, the full Senate can confirm her the very next day, or a day later, so White could replace current SEC Chairwoman Elisse Walter by mid-March.
One comment from an SEC official at the SEC Speaks conference in Washington on Friday put Mary Jo White’s presence at the agency at “30 days” away.
Walter declined to give a timeline after her speech at the SEC Speaks event on when a fiduciary rule proposal to put brokers under a fiduciary mandate would be released, stating only that the fiduciary issue was “very important” to her. White’s arrival at the agency puts a big question mark on how the agency will move forward with a fiduciary rule.