TITLE

Institute IA Amendments Pass Congress

PUB. DATE
October 1996
SOURCE
Journal of Financial Planning;Oct96, Vol. 9 Issue 5, p95
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article reports that Institute of Certified Financial Planners' landmark securities reform legislation was passed in the U.S. Senate enabling clients to retain their financial planning professional if they move to another state. This provision was one of several proposed by the institute and voted into law on September 30, 1996. "The consumer is the big winner in changes to investment adviser law," said the institute's President John S. Flagstaff. The investment adviser section of congressional securities reform legislation, S. 1815/HR 3005, was the most controversial and complex portion of the House-Senate negotiations. Three Institute amendments supporting uniform state regulation were adopted in the final report: uniform record-keeping and net minimum capital requirements based on an adviser's compliance with his/her state law, and a uniform de minimus exemption from registration for planners. This last amendment, noted Longstaff, was critical, given a recent member survey that indicated more than half of CFP practitioners turn down or refer out-of-state clients to others because of difficulties in multi-state registration and compliance procedures.
ACCESSION #
5560150

 

Related Articles

  • Compliance Update in Plain English. Nelson, Christina // Journal of Financial Planning;Aug2011, Vol. 24 Issue 8, p20 

    The article discusses the essence of compliance to the laws and regulations of the financial planning field in the U.S. It highlights the Dodd-Frank Wall Street Reform and Consumer Protection Act as well as the fiduciary standards for all who provide retail investment advice and insights of...

  • State Activity.  // Journal of Financial Planning;Oct96, Vol. 9 Issue 5, p94 

    The article reports on rules and regulations related to financial planning introduced in various states of the United States. New rules to the Arizona Securities Act are open to comment with a hearing held on October 18, 1995. The proposed rules would require notification to clients of the...

  • Options for Future Regulation of Financial Planners, Part I. Macey, Jonathan R. // Journal of Financial Planning;Jun2002, Vol. 15 Issue 6, p92 

    The article examines possible options for future reform of the financial planning profession in the U.S. Reform options to regulate financial planners face the difficult problem of how to define financial planning with suitable precision so as not to be over- or underinclusive. The basic...

  • Rules & REGULATIONS.  // Journal of Financial Planning;Apr96, Vol. 9 Issue 2, p94 

    This article focuses on proposals made by Financial/Investment Advisers Committee of the North American Securities Administrators Association Inc. (NASAA) about uniformity in regulations for minimizing registration requirements. For many years on Capitol Hill, the dreaded 'P' word (as in...

  • New world standard for planning. Liondls, George // Money Management;9/30/2004, Vol. 18 Issue 36, p1 

    This article focuses on new standards in financial planning. Advisers could have to meet a new set of guidelines for ethical behaviour and experience if a world standard for financial planning is adopted in Australia. The draft standard defines a number of ethical principles for financial...

  • The high price of change. Taylor, Mike // Money Management;1/27/2011, Vol. 25 Issue 2, p12 

    The article offers insights on the impact of the Government's Future of Financial Advice (FOFA) reforms in Australia. It states the research conducted by the Wealth Insights published in Money Management which attests that planners with mature businesses and long-established clients were not...

  • Radical change in pipeline for SMSF advisers.  // Money Management;1/24/2013, Vol. 27 Issue 2, p4 

    The article reports on the statement made by the SMSF Professionals' Association of Australia (SPAA) regarding the effect of legislative changes for accountants and financial planners working in the self-managed super fund (SMSF).

  • The win you have when you're not having a win. Brown, Robert M. C. // Charter;May2012, Vol. 83 Issue 4, p38 

    The author comments on the Future of Financial Advice legislation (FOFA) in Australia. The law under FOFA requiring financial planners to seek their clients' agreement in writing every two years to continue with a commercial relationship was eliminated at the last-minute before passing the bill....

  • Murky waters. Lampe, Anne // Money (Australia Edition);Apr2014, Issue 166, p46 

    The author explains the conflict-of-interest problems facing consumers. Topics discussed include the proposed changes to Future of Financial Advice (FOFA) reforms in Australia which prohibit financial planners from receiving commission from selling bank or financial products and require them to...

Share

Read the Article

Courtesy of VIRGINIA BEACH PUBLIC LIBRARY AND SYSTEM

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics