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RIA Compliance Guide

Regulatory News

SEC Issues Concept Release Seeking Comment on Structure of Equity Markets SEC Issues Concept Release Seeking Comment on Structure of Equity Markets

SEC Announces Initiative to Encourage Individuals and Companies to Cooperate and Assist in Investigations

SEC Proposes New Rule to Effectively Prohibit Unfiltered Access and Maintain Market Access Controls

SEC Charges California Telecom Company With Bribery and Other FCPA Violations

SEC Freezes Assets of French Citizens Within Days of Insider Trading

SEC Charges Austin-Based Investment Adviser in Fraudulent Scheme Utilizing Football Stars

FINRA Fines Pacific Cornerstone Capital, CEO $750,000 for Private Placement Offering Failures

SEC Charges U.S. Subsidiary of World's Largest Inter-Dealer Broker for Displaying Fictitious Trades and Misleading Customers SEC Charges California Firm and CEO With Defrauding Customers in Sales of Risky Mortgage-Backed Securities

SEC Blocks Early-Stage Ponzi Scheme Involving Purported Investments in Personal Injury Settlements

FINRA Expels Meeting Street Brokerage, Bars Broker, Sanctions Firm's Owner for Market Manipulation, Other Violations

SEC Charges Former Officers of Subprime Lender New Century With Fraud

SEC Obtains Asset Freeze Against Co-Founder of Canopy Financial in $75 Million Offering Fraud

FINRA Fines Terra Nova Financial $400,000; Firm Made Over $1 Million in Improper Soft Dollar Payments



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Featured News, Commentary and Related Sites

Featured Books:

The RIA's Compliance Solution Book - The pressure to understand changing compliance regulations and to meet the requirements they impose has never been more intense. A range of scandals and abuses has caused the Securities and Exchange Commission to tighen regulation and step up enforcement. Unfortunately, definitive compliance information - the kind that can save advisers precious time and spare them serious trouble - has not been easy to find. Until now. This book gathers the information needed most and puts it all in one place. Here advisers will find plain-English translations of the rules that regulate such issues as: * advisory contracts and fees * advertising and client communications * RIA compliance programs and codes of ethics * custody of customer accounts * completing, filing, and amending Form ADV * selecting brokers and executing trades

Investment Advisor Regulation: A Step-by-Step Guid to Compliance and the Law - guide to the laws and regulations governing investment advisers. Investment Adviser Regulation explains the regulation of investment advisers, offering guidance on the federal and state laws governing adviser conduct with particular attention to the Investment Advisers Act, the Investment Company Act, and the Employee Retirement Income Security Act (ERISA). In addition the book provides analysis of complex status questions that determine crucial registration, disclosure and liability issues; a detailed explanation of Form ADV; potential conflicts of interest; relevant SEC releases and no-action letters; and much more.

More Books For Financial Advisors

Featured Articles

Registration and Regulation of Investment Advisers - an overview of the requirements and procedures for registration of investment advisers and hedge fund managers.

NASDR Notices to Members

10-04 SEC Approves Consolidated FINRA Rules Governing Clearly Erroneous Transactions
On December 1, 2009, the SEC approved FINRA's proposed rule change to adopt a new set of rules governing clearly erroneous transactions in the consolidated rulebook. The new FINRA Rule 11890 Series replaces NASD Rule 11890, IM-11890- 1 and IM-11890-2 and was adopted as part of a market-wide effort by multiple self-regulatory organizations to provide transparency and finality with respect to clearly erroneous executions. Among other things, the new rule series includes a new general rule defining "clearly erroneous" transactions, separate provisions for the determination of clearly erroneous transactions depending upon whether the transaction involves an exchange-listed security or an over-the- counter equity security and procedures for appealing FINRA clearly erroneous determinations. In addition, the new rule series codifies minimum numerical criteria necessary for a transaction to qualify as clearly erroneous.

10-03 FINRA Requests Comments on Proposed Consolidated FINRA Rules Governing Securities Loans and Borrowings, Permissible Use of Customers' Securities and Callable Securities
As part of the process of developing a new, consolidated rulebook (the Consolidated FINRA Rulebook), FINRA is requesting comment on three proposed FINRA rules. Proposed FINRA Rule 4314 (Securities Loans and Borrowings) sets forth the requirements applicable to a member firm that is a party to an agreement for the loan or borrowing of securities. Proposed FINRA Rule 4330 (Customer Protection—Permissible Use of Customers' Securities) sets forth the requirements applicable to a member firm's borrowing or lending of a customer's margin securities that are eligible to be pledged or loaned. Proposed FINRA Rule 4340 (Callable Securities) sets forth the obligations applicable to any callable securities a member firm has in its possession or control.

FINRA Disciplinary and Other FINRA Actions for December 2009
FINRA has taken disciplinary actions against the following firms and individuals for violations of FINRA rules; federal securities laws, rules and regulations; and the rules of the Municipal Securities Rulemaking Board (MSRB).

09-70 FINRA Requests Comment on Proposed Consolidated FINRA Rules Governing Registration and Qualification Requirements
As part of the process of developing a new consolidated rulebook (the Consolidated FINRA Rulebook), FINRA is requesting comment on a proposal to streamline and amend the FINRA registration and qualification rules.

09-66 SEC Approves Changes to FINRA's BrokerCheck Disclosure Rule to Retain and Make Publicly Available Information About Final Regulatory Actions Against Former Brokers
Beginning November 30, 2009, information concerning final regulatory actions against brokers—as well as certain administrative information (e.g., employment and registration history) and information about qualification examinations, if available, and the broker's most recently submitted comment, if any—will be permanently available in BrokerCheck,® regardless of when they were employed in the securities industry.

News Items

SEC Issues Concept Release Seeking Comment on Structure of Equity Markets SEC Issues Concept Release Seeking Comment on Structure of Equity Markets
The SEC issued a concept release as part of its review of the equity market structure, voting unanimously to issue a concept release seeking public comment on such issues as high frequency trading, co-locating trading terminals, and markets that do not publicly display price quotations.

SEC Announces Initiative to Encourage Individuals and Companies to Cooperate and Assist in Investigations
The SEC announced a series of measures to further strengthen its enforcement program and encourage greater cooperation by individuals and companies in the agency's investigations and enforcement actions.

Stautes and Regulations:

Investment Adviser's Act of 1940

Rules promulgated under the Investment Advisers Act of 1940


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Nothing herein is intended as legal or financial advice. The law is different in different jurisdictions, and the facts of a particular matter can change the application of the law. Please consult an attorney or your financial advisor before acting upon the information contained in this article. SECLaw.com was created by and is sponsored by Mark J. Astarita, Esq., a securities attorney and partner in the law firm of Beam & Astarita, LLC, who represents all participants in the financial markets. Mr. Astarita can be contacted by email at astarita@beamlaw.com.

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