Several years ago, the Securities and Exchange Commission undertook a project to revise the reporting requirements of broker-dealers. As many of our clients are getting ready for their annual audit, we thought now was a good time to revisit the revised reporting requirements for broker-dealers.
In June 2011…more
The Department of Labor (DOL) recently put forth a proposed amendment to its rule, Reasonable Contract or Arrangement Under Section 408(b)(2) – Fee Disclosure, which initially became effective July 1, 2012.
Under the original rule, covered service providers were required to provide certain disclosures, some of which are described…more
The Wealth Manager is a privately-owned firm that provides investment management, manager selection and monitoring, asset allocation, and other financial services.
In today’s marketplace, investment management fees vary widely from one product to another, as well as from one client to another. Fee calculations range from simple to quite complex.
In their most basic form, management fees are a flat percentage of assets under management. However, investment advisors and clients…more
After the barrage of investment frauds several years ago, the SEC came under intense pressure to update its rules protecting investors. The SEC responded by issuing what is commonly referred to as the “custody rules.”
The custody rules indicate that if an investment manager has custody of client funds, they…more
In December 2007, a proposed rule was published concerning the disclosures that must be furnished to plan fiduciaries in order for plan services to be considered “reasonable.” Following a public comment period, public hearing, and interim final rule published in July 2010, the final rule became effective July 1. This…more
This article originally appeared in Smart Business Philadelphia magazine.
It has been touted as the most significant financial reform since Franklin D. Roosevelt’s New Deal.
The Dodd-Frank Wall Street Reform and Consumer Protection Act, created in response to the financial crisis of the last few years, was signed…more
Due to the barrage of investment frauds over the past few years, the SEC has been under intense pressure to update its rules protecting investors. The SEC recently issued two releases that are designed to provide additional safeguards when an advisor has custody of client funds:
SEC Release IA-2968…more
What Is Securities Lending?
Securities lending is the temporary transfer of securities by one party (the lender, also called the “beneficial owner”) to another (the borrower).
The borrower is obligated to return the securities to the lender, either on demand, or at the end of an agreed upon term.
For…more