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Rating:RIA Counsel Gives Pointers on Adviser Ethics Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, July 21, 2004

RIA Counsel Gives Pointers on Adviser Ethics

by: Theresa Sim

The Investment Counsel of Association of America released an updated version of its Adviser Code of Ethics on Tuesday. The update is a response to the SEC's rule, passed on July 2, which mandates that all registered investment advisers adopt a code of ethics.

The ICAA does not intend the guide to be "a 'one-size-fits-all' set of provisions that all firms should implement." Instead, firms should use the document in creating a code to "serve their needs and fit their particular circumstances."

The ICAA gives recommendations on how to construct a code of ethics to include rules required by the SEC and non-required, but recommended rules, such as those concerning the acceptance of gifts and political contributions.

The final SEC rule requires that an adviser's code of ethics must delineate general standards of conduct and compliance with federal securities law; require pre-approval of some investments; and require "access persons," such as a portfolio manager at a fund firm, to report trades in his own securities.  

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