SEC's Bowden: Ethical Standards More Important Than Policy, Procedures
Advisory firms striving for compliance “can’t be effective by merely having policy and procedures, even if tested,” the exam chief said.
How to Establish a Culture of Compliance
SEC Chairwoman White’s “felt and feared” and “Giuliani-style approach” comments indicate that regulators are getting aggressive. Be ready.
SEC’s White: Compliance Pros Acting Lawfully Should Not Fear Enforcement
SEC Chairwoman Mary Jo White aims to reassure CCOs, but an ex-exam chief says "the proof is going to be in the cases they bring."
The Odd, Mixed Messages From FINRA on Risk Tolerance and Suitability
FINRA’s new, and unusual, definition of risk tolerance and the inconsistency between that definition and the views expressed on the SRO’s website are not helpful to advisors and investors.
SEC's Gallagher: Fiduciary Rule Needs More Study; Failure to Supervise Should be Focus
As SEC Chairwoman Mary Schapiro was stating last week her belief that the agency could issue a proposed rule to put brokers under a fiduciary mandate next year, the newest SEC commissioner, Daniel Gallagher, declared that the SEC must first determine if such a rule is “necessary,” stating the agency...
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.