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 of their clients ahead of their own at all times. Additionally, the updates make distinctions for CFP® certificants who provide financial planning services.
Category Archives: Code of Ethics
Earlier this month, the California Department of Corporations announced proposed changes to rules regulating investment advisers registered in California. According to the release, the objective in proposing the amendments is to increase uniformity with the model rules suggested by the North American Securities Administrators Association (NASAA), rules already in effect in other states, and rules established by the Securities and Exchange Commission (SEC). California is giving the public an opportunity to comment on the proposed changes. The time period for comment ends on October 30, 2007.
Code of Ethics Training and Acknowledgment
December 20, 2006
In our series “Year-End Compliance Tips,” we are next focusing on investment advisor codes of ethics.
End of Year Compliance Items – Part 3
January 02, 2006
This is the third entry in a series of blogs RIA Compliance Consultants is posting concerning annual compliance requirements and end of year filings. While we are trying to touch upon the items that all advisor firms are required to complete, it is important that you refer to your regulatory authority to ensure you have an all inclusive list of the requirements your firm must meet. If your firm has questions or concerns about one of the items listed in this entry, please give us a call to discuss how we can help your firm meets its regulatory obligations.
Reportable Securities under the Codes of Ethics Rule
July 19, 2005
In an earlier blog posting, we discussed the fact that investment advisor firms must determine their access persons and ensure appropriate procedures are implemented to review all access persons’ household accounts. In their efforts to meet this requirement, many advisor firms have been asking exactly which types of securities holdings and transactions need to be reviewed.
Regulators have been emphasizing the need for investment advisors to develop and maintain a culture of compliance. Of course, one of the best ways to implement a culture of compliance is for the firm to establish adequate training and continuing education programs.
Is your firm’s new Code of Ethics described in your ADV Part II? Does your ADV Part II allow clients to request a copy of the Code of Ethics? This is an item that some investment advisors have overlooked. The recently effective SEC Rule 204A-1 requires all SEC registered firms to include a summary of the Code of Ethics in the Form ADV Part II, and, upon request, to provide a complete copy of the code of ethics to advisory clients.
Access Persons Under SEC Rule 204A-1
May 28, 2005
It’s likely that your firm has recently established an “access persons” list and received its first holding reports in order to comply with the recently effective SEC Rule 204A-1. However, is your firm actually supervising the reported transactions of the access persons and documenting such supervision?
