More On Legal & Compliancefrom The Advisor's Professional Library
- Client Communication and Miscommunication RIA policies and procedures must specify what type of communications should be retained. The safest course of action is for RIAs to retain all communicationsto clients, from clients, and about client accounts. To comply with fiduciary obligations, communications must be thorough and not mislead.
- Updating Form ADV and Form U4 When it comes to disclosure on Form ADV, RIAs should assume information would be material to investors. When in doubt, RIAs should disclose information rather than arguing later with securities regulators that it was not material.
The Senate Banking Committee is “tentatively” looking at the week of March 11 for a confirmation hearing with Mary Jo White (left), President Barack Obama’s choice as the next head of the Securities and Exchange Commission, a Senate aide told AdvisorOne Monday night.
Once the Senate Banking Committee has its hearing, the full Senate can confirm her the very next day, or a day later, so White could replace current SEC Chairwoman Elisse Walter by mid-March.
One comment from an SEC official at the SEC Speaks conference in Washington on Friday put Mary Jo White’s presence at the agency at “30 days” away.
Walter declined to give a timeline after her speech at the SEC Speaks event on when a fiduciary rule proposal to put brokers under a fiduciary mandate would be released, stating only that the fiduciary issue was “very important” to her. White’s arrival at the agency puts a big question mark on how the agency will move forward with a fiduciary rule.