One of the staunchest opponents of legislation that would shift regulation of investment advisers from the Securities and Exchange Commission to an industry group is declaring victory — for this year.
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The founders of Chicago investment advisory firm Advanced Equities Inc. were charged by the SEC in connection with two-private equity sales of an alternative energy company in 2009 and 2010.
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SEC boss says work continues on proposal; 'I've kept the issue alive and moving forward'
Midsize advisers who haven't completed their switch to state registration from the SEC could have their registrations withdrawn — possibly by the end of the year.
Because many complex financial products have the potential for sudden and/or severe losses of principal, it is imperative that firms recommending these products document a thorough “reasonable basis” suitability analysis.
