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To "promote compliance with fiduciary standards by advisers and their personnel," on August 31, 2004, the SEC adopted Rule 204A-1 under the Investment Advisers Act of 1940 requiring investment advisers to adopt a code of ethics setting forth "standards of conduct expected of advisory personnel and to address conflicts that arise from personal ...
The law provides in part: § 80b–1. Findings Upon the basis of facts disclosed by the record and report of the Securities and Exchange Commission made pursuant to section 79z–4 of this title, and facts otherwise disclosed and ascertained, it is found that investment advisers are of national concern, in that, among other things—
1.7-1.11: Conflicts of Interest, including restrictions on attorneys arising from current clients, [9] [10] former clients, [11] prior work as a government employee or judge, [12] [13] and association with law firms. [14] 2 Counselor 2.1: Attorney's role as a candid advisor on topics within and outside of the law. [15] 3 Advocate
A code of practice is adopted by a profession (or by a governmental or non-governmental organization) to regulate that profession. A code of practice may be styled as a code of professional responsibility, which will discuss difficult issues and difficult decisions that will often need to be made, and then provide a clear account of what behavior is considered "ethical" or "correct" or "right ...
The Investment Company Act of 1940 (commonly referred to as the '40 Act) is an act of Congress which regulates investment funds.It was passed as a United States Public Law (Pub. L. 76–768) on August 22, 1940, and is codified at 15 U.S.C. §§ 80a-1–80a-64.
The Uniform Investment Adviser Law Examination consists of 130 questions plus 10 pretest questions that cover topics applicants must know to provide investment advice to clients. Applicants have 180 minutes to complete the examination, and must answer at least 94 (72%) of the questions correctly to pass the Series 65 exam. [3]
A trust account's entire investment portfolio is considered when determining the prudence of an individual investment. Under the Prudent Investor Act standard, a fiduciary would not be held liable for individual investment losses, so long as the investment, at the time of acquisition, is consistent with the overall portfolio objectives of the ...
NASAA's fundamental mission is protecting consumers who purchase securities or investment advice, and its jurisdiction extends to a wide variety of issuers and intermediaries who offer and sell securities to the public. Through the association, NASAA members participate in multi-state enforcement actions and information sharing. NASAA also ...