More On Legal & Compliancefrom The Advisor's Professional Library
- Advertising Advisor Services and Credentials Section 206 of the Investment Advisers Act contains the anti-fraud provision of the statute and ensures that RIAs advertising and marketing practices are consistent with the fiduciary duty owed to clients and prospective clients.
- Using Solicitors to Attract Clients Rule 206(4)-3 under the Investment Advisors Act establishes requirements governing cash payments to solicitors. The rule permits payment of cash referral fees to individuals and companies recommending clients to an RIA, but requires four conditions are first satisfied.
The Senate Banking Committee announced late Monday that it will hold a hearing next Tuesday to consider the nomination of Mary Jo White to be the next chairwoman of the SEC.
The committee will also consider the nomination of Richard Cordray to be director of the Consumer Financial Protection Bureau.
A vote on the nominees will be scheduled for a later date, the committee said.
Once the Senate Banking Committee has its hearing, the full Senate can confirm white (left) the next day, or a day later, so she could replace current SEC Chairwoman Elisse Walter by mid-March.
One comment from an SEC official at the SEC Speaks conference in Washington in late February put Mary Jo White’s presence at the agency at “30 days” away.
On Friday, the SEC published its request for public comment on its rule to put brokers under a fiduciary mandate. White’s arrival at the agency puts a big question mark on how the agency will move forward with a fiduciary rule.