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Category Archives: Fiduciary

An Investment Advisers Code of Ethics Should Reinforce its Fiduciary Duty

In August 2004, the U.S. Securities and Exchange Commission (“SEC”) adopted Rule 204A-1 under the Investment Advisers Act of 1940 (“Investment Advisers Act”) that required registered investment advisers to adopt codes of ethics.  Under SEC Rule 204A-1, an investment advisory firm must adopt and implement a code of ethics, establishing rules and conduct all supervised [...]

 
Posted by Bryan Hill
Wednesday, January 25, 2012
Labels: Code of Ethics, Fiduciary, SEC

 

DOL to Seek More Industry Input before Imposing Fiduciary Rule

On Monday, the U.S. Labor Department (“DOL”) announced that it is delaying its fiduciary rule proposal until next year.  The DOL is seeking to expand the definition of fiduciary under the Employee Retirement Income Security Act (“ERISA”) to include everyone who gives retirement advice.  Expanding the definition of fiduciary would mean that everyone who gives [...]

 
Posted by Bryan Hill
Wednesday, September 21, 2011
Labels: ERISA, Fiduciary

 

SEC Will Consider Adopting New Version of Form ADV Part 2

During the keynote address at the Compliance and Legal Society of the Securities Industry and Financial Markets Association 2010 Annual Seminar on May 6, 2010 (click here to read the entire speech), Mary Shapiro, the Chairman of the U.S. Securities and Exchange Commission (“SEC”), stated that her staff is preparing to present to the full [...]

 
Posted by Bryan Hill
Tuesday, May 11, 2010
Labels: ADV Part 2, Fiduciary, SEC

 

House Financial Services Committee Advances Investor Protection Act

Here’s our update regarding proposed changes to the regulation of investment advisers. The Financial Services Committee of the U.S. House of Representatives advanced H.R. 3817, the Investor Protection Act, out of committee yesterday. According to the Financial Services Committee’s press release, key provisions of this bill include the following: an independent study of the regulatory [...]

 
Posted by Bryan Hill
Friday, November 6, 2009
Labels: Arbitration, Fiduciary, SEC, SRO

 

Broker-Dealer Trade Group Supports Holding Registered Reps to Fiduciary Standard

The Securities Industry and Financial Markets Association (“SIFMA”) announced today that it supports the holding of broker-dealers and registered investment advisers to a new federal federal fiduciary standard when providing personalized investment advice. However, SIFMA noted that current standards and rules (apparently in lieu of a fiduciary standard) should apply to broker-dealers in those business [...]

 
Posted by Bryan Hill
Friday, July 17, 2009
Labels: Fiduciary

 

SEC Files Enforcement Action Against an RIA for Allegedly Failing to Disclose Compensation Received from Private Investment Funds

On May 20, 2009, the U.S. Securities and Exchange Commission (“SEC”) announced that it had filed an emergency civil action charging Wealth Management LLC (registered investment adviser), James Putman (founder, majority owner and Chief Executive Officer of Wealth Management), and Simone Fevola (former President and Chief Investment Officer of Wealth Management) with engaging in a [...]

 
Posted by Bryan Hill
Monday, June 22, 2009
Labels: Enforcement, Fiduciary, Hedge Funds

 

The Adminstration Seeks Fiduciary Duty for B/Ds — Is the SEC Chairman Advocating the Establishment of an SRO for RIAs?

In the white paper, “Financial Regulatory Reform: A New Foundation,” recently released by the U.S. Treasury Department, the Obama Administration proposes the establishment of a fiduciary duty for broker-dealers offering investment advice and harmonization of the regulations of broker-dealers and registered investment advisers. Although there were only six paragraphs concerning the broker-dealer v. registered investment [...]

 
Posted by Bryan Hill
Saturday, June 20, 2009
Labels: Fiduciary, SEC, SRO

 

SEC Commissioner Calls for Uniform Fiduciary Duty for All Financial Professionals & Harmonization of Regulations for BDs & RIAs

In a recent speech, Commissioner Elisse Walter of the U.S. Securities and Exchange Commission (“SEC”) advocated that every financial professional should act as a fiduciary and the regulations of broker-dealers and registered investment advisers should be harmonized. The premise underlying SEC Commissioner Walter is the belief “… that regulation of a financial professional should depend [...]

 
Posted by Bryan Hill
Thursday, May 7, 2009
Labels: Fiduciary, 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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