Washington (March 18, 2004) -- The Financial Planning Association has lent its support to a Securities and Exchange Commission proposal requiring registered investment advisors to adopt a specific code of ethics, but at the same time, asked the commission to consider the obligations that certified financial planners have under the CFP Board Code of Ethics.
Last month, the commission proposed that federally registered investment advisors be required to adopt a code of ethics that would set standards of conduct to be expected of advisory personnel, including compliance with federal securities laws. In addition, the proposed code would safeguard material nonpublic information about client transactions, require investment advisors to report their personal securities transactions, and require advisors to report promptly any violations.
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