No waiver for CFP ethics code; SEC: RIAs must adopt new written policies.(News)

Investment News, May, 2004

Byline: Sara Hansard Certified financial planners registered as investment advisers must adopt written codes of ethics, under a rule unanimously adopted last week by the Securities and Exchange Commission. In finalizing its rule requiring federally regulated RIAs to have written codes of ethics, the commission declined to give a waiver to practitioners with CFP designations who already operate under the code of ethics developed for that designation.

The SEC's refusal to allow the professional group to substitute its code was in part because the Certified Financial Planner Board of Standards Inc. has never included a fiduciary requirement as part of its code, an SEC official said. Both the Financial Planning Association of Atlanta and Denver...

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