More On Legal & Compliancefrom The Advisor's Professional Library
- RIAs and Customer Identification Just as RIAs owe a duty to diligently protect their clients privacy and guard against theft, firms also play a vital role in customer identification. Although RIAs are not subject to an anti-money laundering rule, securities regulators expect advisors to address these issues in their policies and procedures.
- Preventing and Dealing with Client Complaints Although the SEC has not provided specific guidance on how client complaints should be handled, a firms policies and procedures should provide clear direction how to do so, as neglecting complaints can exacerbate a bad situation.
The Financial Industry Regulatory Authority announced Thursday that former Securities and Exchange Commission Chairwoman Elisse Walter has been elected to FINRA’s board as public governor, along with Susan Wolburgh Jenah, president and CEO of the Investment Industry Regulatory Organization of Canada (IIROC).
Also elected at FINRA’s 2014 annual meeting in Washington, which was closed to the public, were a small-firm governor, Mark Cresap, president and owner of Cresap Inc., and a large-firm governor, Gregory J. Fleming, president of Morgan Stanley Wealth Management and Morgan Stanley Investment Management.
Cresap is newly elected, while Fleming has been a large-firm governor for the past two years and was re-elected to a second term.
FINRA is overseen by a 24-person Board of Governors, with 13 seats held by public governors and 10 by industry governors. FINRA’s CEO has the remaining seat. FINRA governors are appointed or elected to three-year terms and may not serve more than two consecutive terms.
Walter was the 30th chair of the SEC, holding the post from Dec. 14, 2012, to April 10, 2013. Before her chairmanship, she was appointed an SEC commissioner by President George W. Bush and was sworn in on July 9, 2008. Earlier, Walter was senior executive vice president of regulatory policy and programs at FINRA.
Check out SEC Swears In 2 Commissioners; FINRA Names New Governors on ThinkAdvisor.