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Fiduciary Links: Aikin Comments on Unusual Actions of the SEC & Final Survey Call

Posted by fi360 Team on April 01, 2013 in

>>>>In his most recent column for InvestmentNews, SEC on a Fiduciary Fishing Expedition, fi360 President & CEO Blaine Aikin commented upon the recent, unusual actions of the SEC. The agency issued a "request for data and other information" in advance of proposing a rule. The rule is one that would affect that standard of care given to retail customers by broker-dealers and investment advisers when providing personalized investment advice about securities. Aikin wrote, "That the SEC finds itself unable or unwilling to formulate a rule on this issue is troubling."  In Aikin's column it...

Fiduciary Links: Aikin Comments on Unusual Actions of the SEC & Final Survey Call

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Fiduciary Links: Is a National Association of Registered Agents and Brokers in our Future?

Posted by on March 25, 2013 in

>>>>While sorting out how the SEC, FINRA, the states, or other will be overseeing advisors in the future continues to drag out indefinitely, Congress may be fast tracking a new organization into the insurance oversight chain. In a hearing last week, the Senate Banking Committee heard testimony on proposed legislation that would create the National Association of Registered Agents and Brokers. The organization would allow insurance agents and brokers to register with the organization in order to be licensed to sell products in all states. Some are likening this to a self-regulatory organization, while supporters say...

Fiduciary Links: Is a National Association of Registered Agents and Brokers in our Future?

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Fiduciary Links: SEC Makes it Hard to Read Fiduciary Tea Leaves in Data Request

Posted by on March 18, 2013 in Fiduciary Links

>>>>On March 1, the Securities and Exchange Commission released a much-anticipated request for cost-benefits data in connection with a possible uniform fiduciary rule for brokers and advisers. By requesting data, many observers had hoped that the assumptions used would reveal the SEC’s thinking on the rule’s parameters. Anticipating such speculation, the release relies heavily on disclaimers to discourage any notion that the assumptions for a fiduciary standard and rules harmonizing broker and adviser regulation suggest the agency's future course of action. Where the SEC release makes assumptions it provides no less than 10...

Fiduciary Links: SEC Makes it Hard to Read Fiduciary Tea Leaves in Data Request

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Fiduciary Links: SEC Taking Closer Look at Custody Issues Due to Early Findings

Posted by fi360 Team on March 11, 2013 in Fiduciary Links In the News Regulatory Update

>>>The SEC issued a risk alert last week that highlights a number of deficiencies under the Advisers Act custody rule that have been encountered as part of recent adviser examinations (see the InvestmentNews summary). These include a number of scenarios where the adviser doesn’t realize that it has custody, failing to file for an annual surprise audit of custody practices, client notification problems, commingling problems, problems with audit procedures, and other problems. From an investor protection standpoint, the SEC is mostly concerned with stopping any new Madoffs from happening by keeping a closer eye on...

Fiduciary Links: SEC Taking Closer Look at Custody Issues Due to Early Findings

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The Next Step to a Uniform Fiduciary Standard—What Can You Do?

Posted by on March 05, 2013 in Advocacy Fiduciary Excellence In the News

On Wednesday, we discussed on the blog the anticipated SEC issuance of a formal request for information on the costs and benefits of imposing a uniform standard of conduct for investment advisers and broker-dealers. Two days later, the SEC made that blog timely by issuing its new release, “Duties of Brokers, Dealers, and Investment Advisers.” Let’s consider some things that small-firm investment fiduciaries can do to contribute to the process.

The Next Step to a Uniform Fiduciary Standard—What Can You Do?

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