September 29, 2009
NASAA Examinations Find Problem Areas for Investment Advisers
NASAA today released an updated series of recommended best practices that investment advisers should consider in order to improve their compliance practices and procedures. The best practices were developed after a series of coordinated examinations of investment advisers by 35 state and provincial securities examiners revealed a significant number of problem areas. The 2009 examinations were conducted under the guidance of NASAA’s Investment Adviser Operations Project Group. The top five categories with the greatest number of deficiencies involved registration, books and records, unethical business practices, supervision and financials.
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