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Summary: WASHINGTON -- FINRA may have dropped its lobbying campaign for legislation to expand oversight of investment advisors, but the industry regulator is interested in a new proposal from one SEC commissioner to beef up examinations of the RIA industry.
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Summary: Those of us who have been in the independent financial advisory space for some time should feel vindicated when we look at our industry today. Liberated from having to push proprietary products or make top-down sales quotas, independent advisers objectively offer the widest possible universe of financial solutions and services based on their clients' best interests.
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Summary: A large number of investment advisers may be getting away with violations of securities laws and other misconduct because the Securities and Exchange Commission does not examine them as closely as it does brokers, according to Daniel Gallagher, a member of the commission.
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Summary: By this point, all advisors with a Dec. 31 fiscal year-end should have filed their annual updating amendment to Forms ADV Part 1 and 2 with the Securities and Exchange Commission through the Investment Adviser Registration Depository. If any material changes occurred since the last annual updating amendment, advisors should have also delivered to clients at least a summary of such material changes by this point as well.
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Summary: In 2012 the SEC began its presence exam initiative among newly registered investment advisors, with the aim of ensuring compliance with federal securities laws and the RIAs’ own company standards. Now, in 2014, the SEC has announced what it terms the never-before-examined initiative. There are five main areas advisors can tackle now ahead of a potential SEC audit.
