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President’s budget would increase number of advisor examiners

President Barack Obama’s budget plan released this week calls for doubling the funding for the SEC and Commodity Futures Trading Commission over the next five years, according to ThinkAdvisor. The SEC would get an 11% increase in 2017, which would be used to hire additional staff, including 102 advisor examiners, according to the publication. Read the details below. Also, industry legal expert Thomas D. Giachetti cautions advisors that the SEC has a broad definition of “testimonials,” which are prohibited in advisor advertisements. He cites several examples of SEC interpretation in his column at Investment Advisor magazine. See the link below.


SEC Would Add 102 New Advisor Examiners Under Obama Budget

By Melanie Waddell                                                        Source: ThinkAdvisor

President Barack Obama’s last budget request to Congress, released Tuesday, is a $4.1 trillion plan for fiscal 2017 that would double funding for the Securities and Exchange Commission and the Commodity Futures Trading Commission by 2021, with the SEC getting an 11% increase to $1.8 billion in 2017.

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Is Your Advertising Prohibited?

By Thomas D. Giachetti                                                 Source: Investment Advisor magazine

Under Rule 206(4)-1(a)(1) of the Investment Advisers Act of 1940, it is a fraudulent, deceptive or manipulative act for an investment advisor to “directly or indirectly” publish, circulate or distribute any advertisement that “refers, directly or indirectly, to any testimonial of any kind concerning the investment advisor or concerning any advice, analysis, report or other service rendered by such investment advisor [emphasis added].”

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