The Texas Securities Commissioner recently entered into a consent order with an investment adviser representative (also referred to as an “IAR”) related to his performance fee arrangement and trading practices.
New Sample Form – SEC Exam – Privilege Log
May 18, 2021
RIA Compliance Consultants recently created a new sample form, SEC Exam – Privilege Log.
The North American Securities Administrators Association (“NASAA”) recently published a new handbook to guide investment adviser firms and other professionals that are interested in becoming content providers under NASAA’s Model Rule on Investment Adviser Representative Continuing Education (“Model Rule”). The handbook is the most recent resource published by NASAA as it works to implement the compliance and logistical framework needed to facilitate the Model Rule. To view NASAA’s Investment Adviser Representative Continuing Education Program Handbook, click here.
Investment adviser firms advising plan participants on IRA rollovers should review the recently published guidance of the U.S. Department of Labor (“DoL”) regarding PTE 2020-02, a new fiduciary advice prohibited transaction exemption. Compliance with PTE 2020-02 now permits investment advisers to provide advice regarding IRA rollovers without violating Title I of the Employee Retirement Income Security Act of 1974, as amended (ERISA), and the Internal Revenue Code of 1986 (“IRC”), both of which prohibit investment advisers from receiving payments that create a conflict of interest when providing fiduciary investment advice to plan sponsors, plan participants, and IRA owners. The adoption of PTE 2020-02 follows several years of rulemaking, court actions, and DoL guidance regarding the definition of fiduciary investment advice and clarifies that advice regarding IRA rollovers is considered a fiduciary activity, in contrast to the DoL’s prior interpretation.
There are several legislative proposals currently under consideration by the U.S. House of Representative’s Committee on Financial Services in response to the Archegos Capital meltdown which may be of interest to many investment advisers:
RIA Compliance Consultants has recently updated its Sample WSP/CoE Section, IRA Rollover Recommendations.
RIA Compliance Consultants recently updated its sample form, Suitability – Retirement Plan Rollover – Client Acknowledgement.
RIA Compliance Consultants recently created a new Sample Form, Advertising – Accessibility – Best Practices Checklist.
RIA Compliance Consultants recently created a new Sample Form, Client as Investor/Owner in RIA – Checklist of Compliance Issues.
Top 10 Reasons to Attend RIA Compliance Connection 2021
April 21, 2021
Join RIA Compliance Consultants virtually on Wednesday, August 25 and Thursday, August 26 through Zoom for our 2021 RIA Compliance Connection Investment Adviser Compliance Conference. Don’t miss this opportunity to learn from and connect with industry experts and engage with like-minded peers all in the name of the best interest of your clients.
