RIA Sweep

or Register to post new content in the forum



  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Jan 22, 2009 3:35 pm

According to a legal alert.
< ="-" ="text/; =utf-8">< name="ProgId" ="Word.">< name="Generator" ="Microsoft Word 12">< name="Originator" ="Microsoft Word 12"><>


We understand that the Financial Industry Regulatory
Authority ("FINRA")

today emailed a request to certain broker-dealers
requesting the

following information:


    Does the firm
have an Investment Advisory Business within the

Registered BD?


    Does the firm
have an affiliate that has an Investment Advisory



    What does the
Investment Advisory business entail?


    Does the firm
have an Hedge fund business within the Registered BD?


    What does the
Hedge Fund business entail?

Responses to this request are due by close of business on

January 22, 2009.  
It is possible that this request may be sent to

other firms in the near future and we recommend that you
monitor your

email for receipt of such a request


Clients should carefully consider their responses to this
request as it

is possible that FINRA will request further
information.  In addition,

we suggest that broker-dealers review their internal
policies and

procedures as well as their risk management practices
relating to any

hedge fund activities that take place within a broker-dealer.  We are,

of course, available to assist in this matter.

Heard anything about this?

Jan 22, 2009 4:07 pm

< ="-" =“text/; =utf-8”>< name=“ProgId” =“Word.”>< name=“Generator” =“Microsoft Word 12”>< name=“Originator” =“Microsoft Word 12”><>

I bet this is going to make some b/ds more reluctant to let their advisors operate their own RIAs....they will probably try to bring more of these guys under the corporate RIA umbrella to avoid extra compliance hassles...