More On Legal & Compliancefrom The Advisor's Professional Library
- Nothing but the Best Execution Along with the many other fiduciary obligations owed by RIAs, firms owe a duty to seek best execution of clients transactions. If they fail to do, RIAs violate Section 206 of the Investment Advisers Act.
- 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.
If there's one thing that's more important than jobs when it comes to clear signs of the economy's health, it's corporate earnings. This week there's a passel of quarterly earnings reports, starting on Monday and ending on Friday, that will not only show how the banking sector is doing, but also how well some major brokerage firms--and the largest custodian for RIAs--are doing.
Healthcare reform hearings resume on October 13 before Max Baucus's Senate Finance Committee, while on October 14, Chris Dodds' Senate Banking, Housing, and Urban Affairs Committee will examine the state of the banking industry, with Sheila Bair of the FDIC as the lead witness.
Finally, the SEC on October 8 published a draft of its 2010-2015 Strategic Plan, asking for comments. You can download the Plan here.