Previous "Safe Harbor" Practices May Not Be Adequate In 2012, Compliance Guru Says
- Created: Friday, 23 December 2011 13:01
Giachetti tells AdvisorOne that policies that were previously not a problem for regulators are likely to become controversial in 2012.
For example, the "good enough" due diligence that almost destroyed firm like Securities America is clearly no longer adequate.
Client account data security and, in firms where it applies, branch manager supervision are also likely to be hot spots, Giachetti says.
In these circumstances, the letter of the regulations is king. Even if certain aspects of the rules were downplayed or actively ignored in the past, as long as they're still on the books, it's better to be safe than sorry.
This Website Is For Financial Professionals Only
- Plain-English Translation Of SEC Official's Speech To RIA CCOs
- RIA Data Security Webinar By Compliance Whiz Chris Winn Receives A 4.7 Rating From Attendees
- 2014 RIA Compliance: 23 Questions From Advisors And Answers
- Questions About ByAllAccounts And When Account Aggregation Of 401(k) Assets Triggers Onerous Custody Rules Become Focus Of Webinar About 2014 SEC Examination Priorities For RIAs