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Compliance pitfalls of nonprofit boards

Serving on the board of a charity or nonprofit can be a good way to give back to the community and network with prospective clients. But beware of the pitfalls, notes an article at Financial Planning. Advisors need to check with their compliance departments and be aware of the potential conflicts involved. Read the details below. Also, the SEC recently approved a FINRA plan that revamps the securities licensing and exam system, reports Financial Advisor. The changes include a two-tier exam system: 1) an entry-level test, and 2) “top-off” exams for specific licenses. See the full story below.

Compliance pitfalls of nonprofit boards

By Paul Hechinger

Source: Financial Planning

Advisers who seek to give back to their community — while also attracting new clients — often consider serving on the boards of charities or nonprofits. However, just because the cause may be a worthy one doesn’t mean that there aren’t conflicts of interest or other pitfalls along the way. Advisers need to plan their work in this area just as carefully as they plan their clients’ finances.



SEC Approves Major Exam Revamp

By Dan Jamieson

Source: Financial Advisor

The Securities and Exchange Commission has approved a Financial Industry Regulatory Authority proposal that makes major changes in the securities licensing and exam system. On Friday, the SEC approved the plan to create a two-tier examination system, allow more flexibility in obtaining and maintaining licenses and phase out a number of outdated exams and licenses.



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