Regulatory Alerts2011-08-01
Supervision of Salesmen and Investment Adviser Representatives
Issued by the Louisiana Commissioner of Financial Institutions, this rule requires registered dealers and investment advisers to exercise diligent supervision over their salesmen and investment adviser representatives. These entities must establish, maintain, and enforce written supervisory procedures addressing designated oversight, prior account reviews, frequent examinations, transaction approvals, discretionary authority delegation, and complaint handling. Copies of these procedures must remain available in each business office to ensure continuous compliance with state securities regulations.
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