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Monthly Archives July 2008

SEC Publishes July 2008 ComplianceAlert

Today, the U.S. Securities and Exchange Commission (SEC) released its July 2008 ComplianceAlert letter which identifies and describes common deficiencies and weaknesses that SEC examiners have found during compliance examinations of SEC registered investment advisers/mutual funds, broker-dealers, and transfer agents. The release, which is considered official comment from the SEC’s Office of Compliance Inspections and [...]

 
Posted by Bryan Hill
Tuesday, July 22, 2008
Labels: Compliance Program, Proxy Voting, Regulatory Inspections, SEC, Soft Dollars

 

SEC Initiates Charges for Insider Trading

The SEC today announced that it is charging the mayor of Beaufort, South Carolina with insider trading on non-public information he obtained while doing consulting work for a California biotechnology firm. According to the SEC, the individual was given information about new technology. The information was provided in confidence and had not been made publicly [...]

 
Posted by Bryan Hill
Thursday, July 17, 2008
Labels: Insider Trading, SEC

 

Proposed Changes To Forms U4 and U5 May Change Disclosure Requirements for Investment Adviser Representatives

The Financial Industry Regulatory Authority (FINRA) has proposed revisions that would require that allegations of sales practice violations made in arbitration claims and civil lawsuits against registered persons who are not named as parties in those proceedings be reported as customer complaints. Current reporting requirements do not require a report to the Form U4 (Uniform [...]

 
Posted by Bryan Hill
Wednesday, July 16, 2008
Labels: Form U4

 

The CFP Board’s Revised Standards of Professional Conduct Impose New Requirements on CFP® Certificants Who Provide Financial Planning

The Certified Financial Planner (“CFP”) Board of Standards, Inc. has issued updated Code of Ethics and Professional Responsibility and Rules of Conduct, which are scheduled to become effective July 1, 2008. With these updates, all CFP certificants will be held to a higher duty of care standard and will be required to place the interest [...]

 
Posted by Bryan Hill
Wednesday, July 16, 2008
Labels: CFP, Code of Ethics

 

FINRA’s Proposed Rule 3110 May Extend the Scope of Broker-Dealer Supervision of Investment Advisors

FINRA’s (The Financial Industry Regulatory Authority) proposed rule 3110 would expand the supervision responsibilities of broker-dealers by requiring broker-dealer principals to supervise business that the firm’s registered representatives engage in, regardless of whether such activity requires registration as a broker-dealer. The current FINRA rules require broker-dealer firms to designate a registered principal to supervise each [...]

 
Posted by Bryan Hill
Wednesday, July 16, 2008
Labels: Outside Business Activities

 

SEC Issues Cease-and-Desist Order for Failure to Disclose Conflicts of Interest and Misrepresentation of Its Research Process

Recently, the U.S. Securities and Exchange Commission (“SEC”) issued a cease-and-desist order, disgorgement to clients, prejudgment interest and penalties, among other sanctions against a registered investment adviser for its failure to disclose conflicts of interest in its selection of funds for discretionary clients and for providing misrepresentations to clients by stating that funds selected for [...]

 
Posted by Bryan Hill
Wednesday, July 16, 2008
Labels: Conflict of Interest, Enforcement

 

Single Family Office Not Required to Register with SEC

The SEC recently granted an order under Section 202(a)(11)(G) of the Investment Advisers Act of 1940 (“Advisers Act”) declaring that a particular “family office” and its employees, when acting within the scope of their employment, are not required to register as investment advisers pursuant to Section 203(a) of the Advisers Act. The SEC granted this [...]

 
Posted by Bryan Hill
Wednesday, July 9, 2008
Labels: Registration, SEC

 
  

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* RIA Compliance Consultants, Inc. ("RCC") is not a law firm and does not provide legal services. A compliance consulting relationship with RCC is not provided those legal and professional protections that normally exist under an attorney-client relationship. For more information, please visit our Disclosures webpage.

The determination to use a third-party compliance services provider is an important decision and should not be based solely upon advertisements or self-proclaimed expertise. A description or indication of limitation of our compliance services does not mean that an agency or board has certified RCC as a specialist or expert in investment advisor compliance. All potential clients are urged to make their own independent investigation and evaluation of RCC.

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