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February 26, 2010  
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The term Executive Director means the Executive Director of the State Bar or his or her designee.
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The term Bar Examiner Committee means those Bar members or others appointed by the Board or President of the Bar who are charged with drafting and reviewing questions and model answers and grading the Bar Examination.
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   Investment Advisor News:

SEC Adopts Regulation Regarding Investment Advisers Act of 1940

Washington, D.C., April 7, 2005 - On April 6, the Commission voted to adopt provisions regarding the application of the Investment Advisers Act of 1940 to certain broker-dealers. (See Advisers Act Release No. 1845, Advisers Act Release No. 2278, Advisers Act Release No. 2339, and Advisers Act Release No. 2340).

The substantive topics addressed by Regulation NMS are (1) order protection, (2) intermarket access, (3) sub-penny pricing, and (4) market data. In addition, Regulation NMS updates the existing Exchange Act rules governing the national market system, and consolidates them into a single regulation. Finally, two amendments were made to the joint industry plans for disseminating market information (Plans).

Order Protection Rule
Rule 611 would require trading centers to obtain the best price for investors when such price is represented by automated quotations that are immediately accessible.

  • Specifically, the rule would require trading centers to establish, maintain, and enforce written policies and procedures that are reasonably designed to prevent trade-throughs, and, if relying on one of the rule's exceptions, which are reasonably designed to assure compliance with the exception.
  • The rule would protect the best bids and offers of each exchange, Nasdaq, and the NASD's ADF.
  • The rule does not contain a general "opt-out" exception that would have allowed market participants to disregard displayed quotations. The elimination of any protection for manual quotations is the principal reason that this broad exception is not included in the rule being considered for adoption.
  • The rule would include a number of exceptions to help ensure that the rule is workable with high-volume stocks and relate to, among others, intermarket sweep orders, quotations displayed by markets that fail to meet the response requirements for automated quotations, and flickering quotations with multiple prices displayed in a single second.
  • The rule would not change a broker-dealer's existing duty to obtain best execution for customer orders.

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    Latest News
      Latest Investment Advisor news in Chicago and nationwide:

    Jul 28, 2006 - SEC Announces Billion Dollar Fee Cut To Benefit Investors
    Washington, D.C. - The Securities and Exchange Commission announced that fees on securities transactions and registrations...
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    Jul 14, 2006 - What You Need to Know Before Choosing A Investment Advisor
    The SEC receives many questions about investment advisers—what they are and how to go about choosing one. This document an...
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    Jan 17, 2006 - SEC Adopts Regulation Regarding Investment Advisers Act of 1940
    Washington, D.C., April 7, 2005 - On April 6, the Commission voted to adopt provisions regarding the appl...
    Read more >

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