More On Legal & Compliancefrom The Advisor's Professional Library
- Whistleblowers A whistleblower is any individual providing the SEC with original information related to a possible violation of federal securities law. The Dodd-Frank Act established a whistleblower program that enables the SEC to reward individuals who voluntarily provide such information.
- Registration Requirements for Investment Advisor Representatives (IARs) When individuals launch an advisory firm, they must avoid marketing themselves or the firm as investment advisors before they are properly approved and registered. Otherwise, they are subject to severe penalties.
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.